4 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 400,089 $ 306,501 2019 Sales $ 212,700 Cost of goods sold 240,854 191,563 136,128 Gross profit 159,235 114,938 76,572 Selling expenses 56,813 42,297 28,076 Administrative expenses 36,008 26,972 17,654 Total expenses 92,821 69,269 45,730 Income before taxes. 66,414 45,669 30,842 Income tax expense 12,353 9,362 6,261 Net income. $ 54,061 $ 36,307 $ 24,581 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock December 31 2021 2020 2019 $ 54,413 0 $ 36,419 1,000 94,361 $ 48,683 3,050 57,447 $ 109,180 104,226 $ 158,639 $ 131,780 $ 23,161 66,000 8,250 61,228 Other paid-in capital Retained earnings $ 19,635 66,000 8,250 37,895 Total liabilities and equity $ 158,639 $ 131,780 $ 19,107 48,000 5,333 36,740 $ 109,180