Required information Problem 17-2A (Algo) Common-size statements, and trend percents LO P1, P2, P3 [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 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2020 $ 500,346 301,208 $ 383,306 242,249 $ 266,000 170,240 199,138 141,057 95,760 71,049 52,896 35,112 45,031 33,731 22,078 116,080 86,627 57,190 83,058 54,430 38,570 15,449 11,158 7,830 $ 67,609 $ 43,272 $ 30,740 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 54,360 Long-term investments 0 Plant assets, net 99,417 Total assets $ 153,777 $ 127,742 Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings $ 22,451 68,000 8,500 54,826 Total liabilities and equity $ 153,777 $ 127,742 $ 36,383 900 90,459 $ 19,034 68,000 8,500 32,208 $ 48,636 4,250 52,948 $ 105,834 $ 18,521 50,000 5,556 31,757 $ 105,834