The comparative statements of Cullumber Company are presented here. CULLUMBER COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,891,640 $1,751,600 1.059.6401,007,100 744,500 480,100 832,000 501,100 330,900264-400 Interest expense Income before income taxes Income tax expense Net income 21,700 242,700 74,700 213,500 $ 168,000 23,700 307,200 93,700 CULLUMBER COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Debt investments (short-term) Accounts receivable Inventory 60,10064,200 74,000 50,000 18,900103.900 127,700117,200 380,700 335,300 661,000 532,300 $1,041,700 $867,600 Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable $161,100 $146,500 43,700 45,200 8 s161,100 $146,500 43,700 206,300 190,200 232,000 212,000 45,200 313,400 165,400 603,400 465,400 $1,041,700 $867,600