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Problem 14-2A The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 $1,812,700 1,007,700 805,000 516,800 288,200 2016 Net sales Cost of goods sold Gross proft Selling and administrative expenses Income from operations Other expenses and losses $1,746,500 981,000 765,500 477,000 288,500 Interest expense Income before income taxes Income tax expense Net income 18,400 269,800 82,000 $187,800 13,600 274,900 77,000 $197,900 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash $59,100 69,400 $65,000 49,900 Short-term investments