Question Global Company and Local Company are competitors in the same industry Selected financial data from their 2020 statements follow Balance Sheet December 31, 2020 Global Company Local Company Cash Accounts receivable Inventory Investments Intangibles Property, plant, and equipment Total assets Accounts payable Bonds payable Preferred stock, $1 par Common stock, $10 par 38,000 540,000 $1.093.000 $ 185,000 305,000 155,000. $ 250,000 485,000 765,000 405,000 80,000 995.000 $2,980.000 $ 500,000 1,235,000 95,000 845,000 $ 35,000 140,000 215,000 125,000 Retained earnings Total liabilities and capital 305,000 143.000 305.000 $1,093.000 $2.980.000 Income Statement For the Year Ended December 31, 2020 Global Company Local Company Sales $3,150,000 $14,000,000 Cost of goods sold 2,175,000 Selling and administrative expenses 690,000 10,250,000) 2,900,000 Interest expense 30,000 160,000