The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($000) For Years Ended December 31 2020 2019 Net sales $209,500 $192,700 Cost of goods sold 125, 309 119,575 Gross profit from sales $ 84, 191 $ 73,125 Selling expenses $ 29,602 $ 26,620 Administrative expenses 18,961 26,985 Total operating expenses $ 48,563 $ 53,605 Profit before taxes $ 35,628 $ 19,520 Income taxes 6,768 6,152 Profit $ 28,860 $ 13,368 2018 $167,500 106,303 $ 61,197 $ 22,151 13,859 $ 36,010 $ 25, 187 5,218 $ 19,969 2019 2018 Independent Auto Inc. Balance Sheet ($000) December 31 2020 Assets Current assets $ 35,086 Non-strategic investments Plant and equipment, net 65,300 Total assets $100, 386 Liabilities and Equity Current liabilities $ 14,715 Common shares 59,000 Retained earnings 26,671 Total liabilities and equity $100, 386 $27,697 580 69,500 $97,777 $36,604 3,179 42,200 $81,983 $14,547 59,000 24,230 $97,777 $14,211 44,300 23,472 $81,983