The comparative statements of Cullumber Company are presented here: CULLUMBER COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales $1,899,240 $1,759,200 Cost of goods sold 1,067,240 1,014,700 Gross profit 832,000 744,500 Selling and administrative expenses 508,700 487,700 Income from operations 323,300 256,800 Other expenses and losses Interest expense 23,200 21,200 Income before income taxes 300,100 235,600 Income tax expense 93,200 74,200 Net income $206,900 $161,400 Assets CULLUMBER COMPANY Balance Sheets December 31 2022 2021 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 126,500 111,500 Inventory 127,200 116,700 Total current assets 387,800 342,400 Plant assets (net] 663,000 534,300 Total assets $1,050,000 $876,700 Liabilities and Stockholders' Equity Current liabilities Accounts payable $168,700 $154,100 Income taxes payable 44,700 43,200 Total current liabilities 213,400 197,300 Bonds payable 234,000 214,000 Total liabilities 447,400 411,300 Stockholders' equity Common stock ($5 par) 290,000 300,000 Retained earnings 313,400 165,400 Total stockholders' equity 603,400 465,400 Total liabilities and stockholders' equity $1,050,800 $876,700