The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement (5000) For Years Ended December 31 2020 $210,600 2019 $193,800 119,850 2018 $168,600 106,578 Net sales Cost of goods sold 125,584 Gross profit from sales $ 85,016 $ 73,950 $ 62,022 Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit $ 29,767 $ 26,785 19,071 $ 48,838 $ 36,178 $ 20,070 27,095 $ 22,316 $ 53,880 $ 36,285 $ 25,737 13,969 6,933 6,317 5,383 $ 29,245 $ 13,753 $ 20,354 Independent Auto Inc. Balance Sheet (5000) December 31 2020 2019 2018 Assets Current assets Non-strategic investments Plant and equipment, net Total assets Liabilities and Equity $ 35,636 $28,247 $37,154 0 66,400 $102,036 690 70,600 3,454 43,300 $99,537 $83,908 Current liabilities $ 14,990 $14,822 $14,486 Common shares 60,100 60,100 45,400 Retained earnings 26,946 24,615 24,022 Total liabilities and equity $102,036 $99,537 $83,908