The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($000) For Years Ended December 31 2023 $210,000 2022 $193,200 119,700 2021 $168,000 106,428 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 125,434 $ 84,566 $ 73,500 $ 61,572 $ 29,677 19,011 $ 26,695 27,035 $ 48,688 $ 53,730 $ 35,878 6,843 $ 19,770 6,227 $ 29,035 $ 13,543 $ 22,226 13,909 $ 36,135 $ 25,437 5,293 $ 20,144 Assets Independent Auto Inc. Balance Sheet ($000) December 31 Current assets Non-strategic investments Plant and equipment, net Total assets Current liabilities Common shares Liabilities and Equity Retained earnings Total liabilities and equity 2023 2022 2021 $ 35,336 $27,947 $36,854 0 630 3,304 65,800 70,000 42,700 $101,136 $98,577 $82,858 $ 14,840 $14,672 $14,336 59,500 59,500 44,800 26,796 24,405 23,722 $101,136 $98,577 $82,858