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Required information [The following information applies to the questions displayed below] Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statement:s For Years Ended December 31, 2017, 2016, and 2015 2017 2816 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes 418,334 320,478 222,400 203,183 142,336 80,064 29,357 18,459 47,816 32,248 6,546 $ 56,527 $ 35,669 25,702 251,837 166,497 59,403 117,295 44,226 28,292 72,428 44,867 9,198 97,053 69,444 12,917 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets Long-term investments Plant assets, net Total assets $ 52,112 40,771 $ 54,501 4,670 61,822 150,394 146,039 120,993 1,200 98,282 104 065 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings 21,958 21,760 s 21,174 67,00067,00 49,000 8,375 8,375 48,904 5,444 45,375 Total liabilities and equity s 150,394 146,039 120,993