CORBIN COMPANY Income Statement For the Years Ended December 31, 2017 $599,000 Net sales (a on account) Expenses Cost of goods sold 415,500 Selling and administrative 19,300 Interest expense 8,700 17,300 Income tax expense Total expenses 560,800 38,200 Net income CORBIN COMPANY Balance Sheets December 31 2017 Assets Current assets 21,700 Cash Short-term investments 18,500 Accounts receivable (net) 86,600 Inventory 89,100 Total current assets 215,900 422,600 Plant assets (net) $638,500 Total assets 2016 $519,600 353,300 113,000 5,800 14,600 486,700 32,900 2016 18,300 14,500 73,500 69,400 175,700 383,200 $558,900