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 2021 2020 Sales $ 430,561 $329,845 2019 $ 228,900 Cost of goods sold 259,198 207,802 146,496 Gross profit 171,363 122,043 82,404 Selling expenses 61,140 45,519 30,215 Administrative expenses 38,750 29,026 18,999 Total expenses 99,890 74,545 49,214 Income before taxes 71,473 47,498 33,190 Income tax expense 13,294 9,737 6,738 Net income $ 58,179 $ 37,761 $ 26,452 Assets Current assets Long-term investments Plant assets, net KORBIN COMPANY Comparative Balance Sheets December 31 2021 $ 64,310 e 115,830 2020 2019 Total assets $ 180,140 Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings $ 26,300 68,000 8,500 77,340 Total liabilities and equity $ 180,140 $ 149,641 $ 43,043 1,000 105.598 $ 149,641 $ 22,297 68,000 8,500 50,844 $ 57,538 3,948 62,500 $123,978 $ 21,696 50,000 5.556 46,726 $123.978