CH 13 #21 1 ! Saved Part 1 of 4 2.5 points 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 2019 Sales Cost of goods sold eBook References Gross profit Selling expenses Administrative expenses Total expenses Income before taxes. Income tax expense Net income Assets Current assets $ 446,926 269,049 2020 $ 342,382 213,989 $ 237,600 152,064 177,877 128,393 85,536 63,463 47,249 31,363 40,223 30,130 19,721 103,686 77,379 51,084 74,191 51,014 34,452 13,800 10,458 6,994 $ 60,391 $ 40,556 $ 27,458 KORBIN COMPANY Comparative Balance Sheets December 31 2021 $ 63,557 0 114,473 2020 $ 42,539 500 104,850 2019 $ 56,864 3,030 62,632 $ 122,526 Long-term investments Plant assets, net Current liabilities Total assets Liabilities and Equity Common stock $ 178,030 $ 147,889 Other paid-in capital Retained earnings $ 25,992 64,000 8,000 80,038 $ 22,035 64,000 $ 21,442 8,000 53,854 46,000 5,111 49,973 Total liabilities and equity $ 178,030 $ 147,889 $ 122,526