The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($000) For Years Ended December 31 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 2020 $208,900 125,159 $ 83,741 $ 29,512 18,901 2019 $192,100 119,425 2018 $166,900 106,153 $ 72,675 $ 60,747 $ 26,530 26,925 $ 48,413 $ 53,455 $ 35,328 6,678 $ 19,220 $ 28,650 6,062 $ 13,158 $ 22,061 13,799 $ 35,860 $ 24,887 5,128 $ 19,759 Independent Auto Inc. Balance Sheet ($000) December 31 2020 2019 2018 Assets Current assets $34,786 $27,397 $36,304 Non-strategic investments 0 Plant and equipment, net 64,700 520 68,900 3,029 41,600 Total assets $99,486 $96,817 $80,933 Liabilities and Equity Current liabilities $14,565 $14,397 $14,061 Common shares 58,400 58,400 43,700 Retained earnings 26,521 24,020 23,172 Total liabilities and equity $99,486 $96,817 $80,933