The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 $1,811,500 $1,751,600 Net sales 1,013,400 Cost of goods sold 985,000 798,100 766,600 Gross profit 515,200 477,800 Selling and administrative expenses 282,900 288,800 Income from operations Other expenses and losses 18,600 14,300 Interest expense 264,300 274,500 Income before income taxes 80,300 77,600 Income tax expense 184,000 196,900 Net income PAINTER TOOL COMPANY Balance Sheets December 31 2017 2016 Assets Current assets Cash $60,600 $64,900