Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow Part 1 of3 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales Cost of goods sold Gross profit Selling expense:s Administrative expenses Total expenses Income before taxes Income taxes Net income $ 555,000 $340,000 $278,000 283,500212,500153,900 46,920 29,920 76,840 50,660 10.370 $ 77,132 40,290 271,50 102,900 50,668 153, 568 117,932 40,800 127,500124,100 50,800 22,800 73,600 50,500 15.67 34,830 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 $ 52,390 37,924 $ 51,748 3,950 60,000 500 96,000 100,000 $152,390 $134,424 $115,698 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings 22,800 $19,960 20,300 60,000 6,000 29,398 72,000 9,000 48,59e 72,800 9,000 33.464 Total liabilities and equity $152,390 $134,424 $115,698