Problem 14-6A The comparative statements of Co Company are presented below. CORBIN COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales (all on account) $599,600 $520,800 Expenses Cost of goods sold 414,300 353,600 Selling and administrative 113,900 120,500 7,200 5,300 nterest expense Income tax expense 17,000 13,300 Total expenses 559,000 486,100 40,600 34,700 Net income CORBIN COMPANY Balance Sheets December 31 ssets 2017 2016 Current assets Cash 18,400 21,700 Short-term in 17,000 15,700 tments Accounts receivable (net) 85,700 74,900 89,200 70,100 Inventory Total current assets 213,600 179,100 Plant assets (net) 423,200 382,600 $636,800 Total assets $561,700 Liabilities and Stockholders' Equity Current liabilities Accounts payable $121,600 $109,200 Income taxes payable 22,900 20,800 Total current liabilities 144,500 130,000 Long-term liabilities Bonds payable 120,200 79,800 264,700 209,800 abilit Stockholders' equity Common stock ($5 par) 151,600 151,600 Retained earnings 220,500 200,300 Total stockholders' equity 372,100 351,900 Total liabilities and stockholders' equity $636,800 $561,700