Chapter 13 - Homework Saved 3 Part 3 of 4 10 points Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2020 $ 340,000 2019 $ 278,000 153,900 124,100 Sales Cost of goods sold 2021 $ 555,000 283,500 212,500 Gross profit 271,500 127,500 Selling expenses 102,900 46,920 50,800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 eBook Income tax expense 40,800 10,370 15,670 Aski Net income: $ 77,132 $ 40,290 $ 34,830 Printi References Assets KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 Current assets Long-term investments Plant assets, net Liabilities and Equity Common stock 2021 $ 52,390 0 100,000 2020 $ 37,924 500 96,000 $ 134,424 $ 19,960 72,000 Total assets $ 152,390 Current liabilities Other paid-in capital Retained earnings $ 22,800 72,000 9,000 48,590 Total liabilities and equity $ 152,390 $ 134,424 9,000 33,464 2019 $ 51,748 3,950 60,000 $ 115,698 $ 20,300 60,000 6,000 29,398 $ 115,698