Problem 14-6A The comparative statements of Corbin Company are presented below. CORBIN COMPANY Income Statement For the Years Ended December 31 2017 2016 $599,900 $519,600 Net sales (all on account) Expenses Cost of goods sold Selling and administrative Interest expense Income tax expense 353,000 114,800 6,100 14,500 488,400 $31,200 414,900 119,900 7,200 18,600 560,600 39,300 Total expenses Net income CORBIN COMPANY Balance Sheets Assets 2017 2016 Current assets Cash Short-term investments Accounts receivable (net) Inventory 17,400 85,400 89,400 212,300 422,000 $634,300 $ 20,100$ 17,800 14,000 74,600 70,200 176,600 382,300 $558,900 Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable $123,000 23,300 146,300 $109,600 20,400 130,000 Total current liabilities Long-term liabilities Bonds payable 120,400 266,700 80,500 Total liabilities