Problem 18-02A (Video) The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,817,800 1,006,800 811,000 511,800 299,200 $1,753,700 972,000 781,700 476,400 305,300 Interest expense Income before income taxes Income tax expense Net income 17,400 281,800 79,255 $ 202,54.5 13,900 291,400 77,900 $213,500 ahlberg Company Balance Sheets December 31 Assets 2020 2019 Current assets Cash Debt investments (short-term) Accounts receivable Inventory $60,700 68,000 117,800 122,000 368,500 595,000 $963,500 $63,400 50,900 101,200 114,400 329,900 521,600 $851,500 Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable $160,100 43,300 203,400 220,000 423,400 $144,700 41,400 186,100 200,000 386,100 Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings 278,000 262,100 540,100 $963,500 300,700 164,700 465,400 $851,500 Total stockholders' equity Total liabilities and stockholders' equity Brief Exercise 18-01 On June 30, Flores Corporation discontinued its operations in Mexico. On September 1, Flores disposed of the Mexico facility at a pretax loss of $750,000. The applicable tax rate is 38% Show the discontinued operations section of Flores's statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) FLORES CORPORATION Partial Statement of Comprehensive Income FLORES CORPORATION Partial Statement of Comprehensive Income Dividends Expenses Loss on disposal of discontinued operations Net income / (loss) Retained earnings arn while you earn points