R. Howard Inc. Income Statement For years ended December 31, 2017 and 2018 R. Howard Inc. Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Change 2018 Sales (all on credit) Cost of goods sold Gross margin Depreciation expense Other operating expenses 2017 $595,000 $536,000 (339,000) (278,000). 256,000 258,000 Current assets: Cash $65,470 $37,500 $27,970 Accounts receivable (net) 38,000 Inventory 44,000 32,000 42,000 2,000 6,000 Prepaid expenses 1,500 3,300 -1,800 37,000 51,000 126,000 105,000 Other current assets 2,100 3,200 -1,100 Total current assets 151,070 118,000 33,070 Total operating 163,000 156,000 expenses Operating income 93,000 102,000 Long-term Investments 81,000 56,000 25,000 Other income Plant assets 307,000 257,000 50,000 (expenses) Less: accumulated Interest expense (4,700) (3,500) (77,800) (51,000) 26,800 depreciation Gain on sale of 6,100 4,300 Total plant assets 229,200 206,000 23,200 investments Loss on sale of plant (3,300) (4,000) Total assets 461,270 380,000 81,270 assets Total other income (14,100) (3,200) (expenses) Current liabilities: Income before income taxes 91,100 98,800 Accounts payable $25,500 $26,000 $-500