The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($000) For Years Ended December 31 2020 Net sales $210,400 Cost of goods sold 125,534 Gross profit from sales $ 84,866 Selling expenses $ 29,737 Administrative expenses 19,051 Total operating expenses $ 48,788 Profit before taxes $ 36,078 Income taxes 6,903 Profit $ 29, 175 2019 $193,600 119,800 $ 73,800 $ 26,755 27,075 $ 53,830 $ 19,970 6,287 $ 13,683 2018 $168,400 106,528 $ 61,872 $ 22,286 13,949 $ 36,235 $ 25,637 5,353 $ 20,284 2019 2018 Independent Auto Inc. Balance Sheet ($000) December 31 2020 Assets Current assets $ 35,536 Non-strategic investments Plant and equipment, net 66,200 Total assets $101,736 Liabilities and Equity Current liabilities $ 14,940 Common shares 59,900 Retained earnings 26,896 Total liabilities and equity $101,736 $28,147 670 70,400 $99,217 $37, 054 3,404 43, 100 $83,558 $14,772 59,900 24,545 $99,217 $14,436 45,200 23,922 $83,558 The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($000) For Years Ended December 31 2020 Net sales $210,400 Cost of goods sold 125,534 Gross profit from sales $ 84,866 Selling expenses $ 29,737 Administrative expenses 19,051 Total operating expenses $ 48,788 Profit before taxes $ 36,078 Income taxes 6,903 Profit $ 29, 175 2019 $193,600 119,800 $ 73,800 $ 26,755 27,075 $ 53,830 $ 19,970 6,287 $ 13,683 2018 $168,400 106,528 $ 61,872 $ 22,286 13,949 $ 36,235 $ 25,637 5,353 $ 20,284 2019 2018 Independent Auto Inc. Balance Sheet ($000) December 31 2020 Assets Current assets $ 35,536 Non-strategic investments Plant and equipment, net 66,200 Total assets $101,736 Liabilities and Equity Current liabilities $ 14,940 Common shares 59,900 Retained earnings 26,896 Total liabilities and equity $101,736 $28,147 670 70,400 $99,217 $37, 054 3,404 43, 100 $83,558 $14,772 59,900 24,545 $99,217 $14,436 45,200 23,922 $83,558