P18-6 The comparative statements of Corbin Company are presented below and on page 828. CORBIN COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales (all on account) $520,000 $595,000 Expenses 415,000 Cost of goods sold 354,000 120,800 Selling and administrative 114,800 7,800 Interest expense 6,000 Income tax expense 15,000 14,000 Total expenses 558,600 488,800 36,400 Net income 31,200 CORBIN COMPANY Balance Sheets December 31 2017 2016 Assets Current assets 21,000 18,000 Cash Short-term investments 18,000 15,000 Accounts receivable (net) 91,000 74,000 85,000 70,000 Inventory 215,000 Total current assets 177,000 423,000 383,000 Plant assets (net) $638,000 $560,000 Total assets