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The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales Cost of goods sold Gross proft Selling and administrative expenses Income from operations Other expenses and losses $1.812,400 1,005,600 806,800 518,600 288,200 $1,745,900 982,000 763,900 479,200 284,700 Interest expense Income before income taxes Income tax expense Net income 18,500 269,700 83,172 186,520 14,600 270,100 76,600 3193.500 Wahlberg Company Balance Sheets December 31 2020 2019 Assets Current assets Cash Debt investments (short-term) Accounts receivable Inventory $60,700$64,300 49,100 16,800101.000 115,100 329,500 519,700 $971,200 $849.200 70,400 Total current assets Plant assets (net) Total assets 122,900 370,800 600,400 Current liabilities $159,500 43,500 203,000 220,000 423,000 $144,000 42.900 186,900 200,000 386.900 Accounts payable Income taxes payablke Total current liabilities Bonds payable Total liabilities Common stock ($5 par) Retained earnings 301,300 161,000 462,300 $971.200$849.200 281,600 266,600 548,200 Total stockholders' equity Total liabilities and stockholders' equity All sales were on account. Net cash provided by operating activities for 2020 was $214,000. Capital expenditures were $130,000, and cash dividends were $80,928

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