PT. 4 Selected comparative financial statements of Korbin Company follow.

KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 534,956 $ 489,820 $ 284,480 Cost of goods sold 322,044 256,547 182,016 Gross profit 212,912 153,273 102,384 Selling expenses 75,964 56,555 37,541 Administrative expenses 48, 146 36,064 23,605 Total expenses 124, 110 92,619 61,146 Income before taxes 88, 802 60,654 41,238 Income tax expense 16,517 12,434 8, 371 Net income $ 72,285 $ 48,220 $ 32,867 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 57,661 Long-term investments Plant assets, net 103,854 Total assets $ 161,515 Liabilities and Equity Current liabilities $ 23,581 Common stock 68,000 Other paid-in capital 8,5ee Retained earnings 61,434 Total liabilities and equity $ 161,515 $ 38,593 509 95,77 $ 134,170 $ 51,589 3,880 55,771 $ 111, 160 $ 19,991 68,888 8,588 37,679 $ 19,453 50,000 5,556 36,151 $ 111, 160 $ 134,179 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? Yes O No (b) Did Income as a percent of sales Improve In the most recent year? Yes O No (c) Did plant assets grow over this period? O Yes O NO