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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2020 $ 555,000 283,500 $ 340,000 212,500 2019 $ 278,000 153,900 271,500 127,500 124,100 102,900 46,920 50,800 50,668 29,920 22,800 153,568 76,840 73,600 117,932 50,660 50,500 40,800 10,370 15,670 $ 77,132 $ 40,290 $ 34,830 KORBIN COMPANY Comparative Balance Sheets December 31 Total assets Current liabilities Assets Current assets Long-term investments Plant assets, net Liabilities and Equity Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 152,390 2021 $ 52,390 100,000 $ 152,398 $ 22,800 72,000 9,000 48,590 2020 $ 37,924 500 96,000 $ 134,424 $ 19,960 72,000 9,000 33,464 2019 $ 51,748 3,950 60,000 $ 115,698 $ 20,300 60,000 6,000 29,398 $ 115,698 $ 134,424