LigleQuestionNo=6.&postsu Fays [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 Sales $ 549,628 $ 421,060 Cost of goods sold 330,876 266,531 Gross profit 218,752 154,529 Selling expenses 78,047 58.106 Administrative expenses 49.467 37,053 Total expenses 127,514 95.159 Income before taxes 91.238 59,370 Income tax expense 16.970 12.171 Net Income $ 74,268 $ 47199 2017 $ 292,200 187,008 105,192 38,570 24.253 62.823 42.369 8,601 $ 33.768 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 $ 55.952 0 103,911 $ 159,863 S 37,449 500 94,849 $ 132.798 $ 50,060 3.610 56.353 $ 110,023 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other pald-in capital Retained earnings Total liabilities and equity $ 23,340 68,000 8,500 60,023 $ 159,863 $ 19,787 68,000 8,500 36,511 $ 132,798 $ 19,254 50,000 5,556 35,213 $ 110,023 ! Required information 2017 100.00 % UUTIOILC par UVCHNIC LANCHES For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00 % 100.00 % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense % % Net income % ant