ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08&launchura YouTube Maps a Content - COMP10... 8 BankMobile: Two Fa... 13 Homework Saved 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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 437,897 5 335,465 $ 232,880 Cost of goods sold 263,614 211,678 148,992 Gross profit 174,283 123,787 83,888 Selling expenses 62,181 46,294 30,730 Administrative expenses 39,411 29,521 19,322 Total expenses 201 592 75,815 58,052 Income before taxes 72,691 47,972 33,756 Income tax expense 13,521 9,834 6,852 Net income $ 59,170 $ 38,138 526,904 34 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 55,866 537,391 $ 49,983 Long-term investments B 500 3,820 Plant assets, net 185, 363 96,041 52,160 Total assets $ 161,229 $ 133,932 $ 119,963 Liabilities and Equity Current Itabilities $ 23,539 $ 19,956 $ 19,419 Common stock 67,000 67,000 49,000 Other paid in capital 8,375 8,375 5,444 Retained earnings 62,315 38,601 37.100 Total liabilities and equity 5 161,229 S 133,932 $ 119,963