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The following informamon appers to you Selected comparative financial statements of Korbin Company follow. ORAIN COMPANY Comparative Income statements Yar Year Ended December 31, 2020, 2019, and 2018 2020 2019 2010 late $391,240 $299,720 8200,000 Onet of goods sold 235, 531 102.630 133,120 Gross profit 155,715 112,098 74,080 Halling expenses 55,557 41.362 27,456 Ministrative expenses 35,212 26.2016 17264 To al expenses 90769 67220 44,220 Theone before taxes 64,940 44,60 30,160 Income tax expense 12.0HD 9.094 6122 Net Income $ 52,868 35,266 $ 24,00 KORSTN CORDAN Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 2018 Assets Current Assets $ 61,76) 43,338 $ 55,260 Long-tern Investments 0 500 3.580 Diant sets, bet 112,956 103,300 61,407 Total set $174,719 $145,138 $120,247 Liabilities and Equity Current llibilities 25,509 21.626 21,043 Cannon stock 69,000 69,000 51,000 Other paid-in capital 3,625 8,625 3,667 Retained earnings 21585 45,887 42,537 Total llities and equity $174,719 $145,139 $120,247 Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 25, 509 69,000 8.625 71,585 $ 174,719 21 69,000 8,625 45,887 $ 145,138 51,000 5,667 42,537 $ 120,247 4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? Yes No (b) Did Income as a percent of sales improve in the most recent year compared to the prior year? Yes No (c) Did plant assets grow over this period? Yes No Peer 2 14 of 2 Next >