The comparative statements of Wahlberg Company are presented here. WAHLBERG COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales $1 890,540 $1,750,500 Cost of goods sold 1,058 540 1,006 000 Gross profit 832,000 744500 Selling and administrative expenses 500,000 479,000 Income from operations 332,000 265 500 Other expenses and losses Interest expense 22,000 20,000 Income before income taxes 310,000 245 500 Income tax expense 92,000 73 000 218,000 172,500 Net income WAHLBERG COMPANY Balance Sheets December 31. 2017 2016 Current assets Cash 60,100 64,200 Debt investments (short-term) 74,000 50,000 117,800 102,800 Accounts receivable Inventory 126 000 115 500 377,900 332,500 Total current assets Plant assets net 649000 520,300 $1,026900 $852,800 Total assets Liabilities and Stockholders' Equity Current liabilities 160,000 $145,400 Accounts payable Income taxes payable 43,500 42,000 Total current liabilities 203,500 187,400 Bonds pa able 220,000 200,000 abilities Tota 423,500 387,400 Stockholders' equity Common stock ($5 par) 300,000 290,000 Retained earnings 313,400 165,400 Total stockholders' equity 603 400 465 400 Total liabilities and stockholders' equity $1,026,900 $852,800