Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 $ 495,644 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2020 2019 $379,704 $ 263,500 298,378 239,593 168,640 197,266 140,111 94,860 70,381 52,399 34,782 44,608 33,414 21,871 114,989 85,813 56,653 82,277 54,298 38,207 15,304 11,131 7,756 $ 66,973 $ 43,167 $ 30,451 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets Long-term investments $ 55,030 0 Plant assets, net 105,407 $ 36,832 900 95,543 Total assets $ 160,437 $ 133,275 2019 $ 49,235 4,030 57,153 $ 110,418 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 23,424 73,000 9,125 54,888 $ 19,858 $ 19,323 73,000 9,125 31,292 Total liabilities and equity $ 160,437 $ 133,275 55,000 6,111 29,984 $ 110,418