3 Part 3 of 3 EXO 01:16:20 Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 $ 236,000 151,040 Sales 5443,916 $ 340,076 Cost of goods sold 267,237 212,888 Gross profit 176,679 127,188 84,960 Selling expenses 63,036 46,930 31,152 Administrative expenses 39,952 29,927 19,588. Total expenses 102,988 76,857 50,740 Income before taxes 73,691 50,331 34,220 Income tax expense 13,707 10,318 6,947 Net income $ 59,984 $ 40,013 $ 27,273 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 $ 55,888 0 102,210 $158,098 $ 37,406 500 93,425 $ 23,002 64,000 8,000 63,016 $158,098 $ 131,331 $19,568 64,000 8,000 39,763 $ 131,331 2019 $ 50,003 3,340 55,465 $108,808 $ 19,041 46,000 5,111 38,656 $ 108,808 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities. Common stock other paid-in capital Retained earnings Total liabilities and equity