Required Information 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, 2017, 2016, and 2815 2016 S 436,39 334,31 232,e0 201 20 Sales 2 2 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 262,708 208,945 148,480 173,684 125,367 83,520 61,968 46,135 30,624 39,275 29,419 19,256 101,243 75,554 49,880 72,441 49,813 33,640 13,474 10,212 6,829 $ 58,967 $ 39,601 $ 26,811 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets Long-term investments Plant assets, net Total assets s 48,119 $37,647 $ 50,326 1,200 3,490 86,668 92,93654, 621 s134,78 $ 130,88 $ 108,43 7 Liabilities and Equity previouS