Problem 13-2A (Static) Ratios, common-size statements, and trend percents LO P1, P2, [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, 2021, 2020, and 2019 2020 2019 278,000 153,900 Sales 2021 $ 555,000 $ 340,000 Cost of goods sold 283,500 212,500 Gross profit 271,500 127,500 - 124,100 Selling expenses 102,900 46,920 50,800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 Assets KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 Current assets. Long-term investments Plant assets, net Liabilities and Equity 2021 100,000 2020 $ 37,924 500 96,000 $ 52,390 0 Total assets $ 152,390 $ 134,424 Current liabilities Common stock Other paid-in capital Retained earnings $ 22,800 72,000 9,000 48,590 Total liabilities and equity $ 152,390 $ 134,424 $ 19,960 72,000 9,000 33,464 2019 $ 51,748 3,950 60,000 $ 115,698 $ 20,300 60,000 6,000 29,398 $ 115,698