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Comparative financial statement data of Russo, Inc. follow: Russo, Inc. Comparative Income Statement Years Ended December 31, 2021 and 2020 2021 $567,000 $528,000 330,000 2020 Net sales Cost of goods sold 237,000 218.000 Gross profit 310,000 Operating expenses 166,000 174,000 Income from operations 136,000 Interest expense 10,000 Income before income tax 155,000 126,000 Income tax expense 24,000 27,000 Net income $131,000 $99,000 164,000 9,000 1 1 Russo, Inc. Comparative Balance Sheet December 31, 2021 and 2020 2021 2020 Current assets: Cash $148,000 $85,000 Current receivables, net 183,000 198,000 Inventory 155,000 123,0 00 Prepaid expenses 2.000 5.000 Total current assets 488,000 411,000 Property, Plant & Equipment, net 221.000 179,000 Total assets $709,000 $590,000 Total current liabilities $200.000 S235,000 Long-term liabilities 108.000 87.000 Total liabilities 308,000 322,000 Retained Earnings 149,000 18,000 Preferred stock, 3% 100,000 100.000 Common stock, no par 152.000 150.000 Total liabilities and stockholders' equity $709,000 $590.000 1. Market price of Russo, Inc. common stock was $56.56 at December 31, 2021 and 946.00 at December 31, 2020, 2. Common shares outstanding were 12,000 during 2021 and 10,000 during 2020 3. All sales are on credit. Comparative financial statement data of Russo, Inc. follow: Russo, Inc. Comparative Income Statement Years Ended December 31, 2021 and 2020 2021 $567,000 $528,000 330,000 2020 Net sales Cost of goods sold 237,000 218.000 Gross profit 310,000 Operating expenses 166,000 174,000 Income from operations 136,000 Interest expense 10,000 Income before income tax 155,000 126,000 Income tax expense 24,000 27,000 Net income $131,000 $99,000 164,000 9,000 1 1 Russo, Inc. Comparative Balance Sheet December 31, 2021 and 2020 2021 2020 Current assets: Cash $148,000 $85,000 Current receivables, net 183,000 198,000 Inventory 155,000 123,0 00 Prepaid expenses 2.000 5.000 Total current assets 488,000 411,000 Property, Plant & Equipment, net 221.000 179,000 Total assets $709,000 $590,000 Total current liabilities $200.000 S235,000 Long-term liabilities 108.000 87.000 Total liabilities 308,000 322,000 Retained Earnings 149,000 18,000 Preferred stock, 3% 100,000 100.000 Common stock, no par 152.000 150.000 Total liabilities and stockholders' equity $709,000 $590.000 1. Market price of Russo, Inc. common stock was $56.56 at December 31, 2021 and 946.00 at December 31, 2020, 2. Common shares outstanding were 12,000 during 2021 and 10,000 during 2020 3. All sales are on credit

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