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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 441,471 $ 338,203 $ 234,700 Cost of goods sold 265,766 214,421 150, 208 Gross profit 175,705 123,782 84,492 Selling expenses 62,689 46,672 30,980 Administrative expenses 39,732 29,762 19,480 Total expenses 102,421 76,434 50,460 Income before taxes 73,284 47,348 34,032 Income tax expense 13,631 9,706 6,908 Net income $ 59,653 $ 37,642 $ 27,124 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 55,761 Long-term investments Plant assets, net 101,980 Total assets $ 157,741 Liabilities and Equity Current liabilities 23,030 Common stock 69,000 Other paid-in capital 8,625 Retained earnings 57,086 Total liabilities and equity $ 157,741 $ 37,321 600 93,113 $ 131,034 $ 49,899 4,500 54,172 $ 108,562 $ $ 19,524 69,000 8,625 33,885 $ 131,034 $ 18,998 51,000 5,667 32,897 $ 108,562 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 No (b) Did income as a percent of sales improve in the most recent year? Yes No (c) Did plant assets grow over this period? Yes No