The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($000) For Years Ended December 31 2020 $209,000 2019 $192,200 119,450 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 125,184 $ 83,816 $ 72,750 $ 29,527 $ 26,545 18,911 26,935 $ 48,438 $ 53,480 $ 35,378 6,693 $ 19,270 6,077 $ 28,685 $ 13,193 Independent Auto Inc. Balance Sheet ($000) December 31 2018 $167,000 106,178 $ 60,822 $ 22,076 13,809 $ 35,885 $ 24,937 5,143 $ 19,794 2020 2019 2018 Assets Current assets $34,836 $27,447 $36,354 Non-strategic investments 0 Plant and equipment, net 64,800 530 69,000 3,054 41,700 Total assets $99,636 $96,977 $81,108 Liabilities and Equity Current liabilities $14,590 $14,422 $14,086 Common shares 58,500 58,500 43,800 Retained earnings 26,546 24,055 23,222 Total liabilities and equity $99,636 $96,977 $81,108