Miracle Tool, Inc., sells a single product (a combination
screwdriver, pliers, hammer, and crescent wrench) exclusively
through television advertising. The comparative income statements
and balance sheets are for the past two years.
Additional Information
The following information regarding the company’s operations in
2018 is available from the company’s accounting records.
Early in the year, the company declared and paid a $4,000 cash
dividend.
During the year, marketable securities costing $15,000 were sold
for $14,000 cash, resulting in a $1,000 nonoperating...