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 $ 502,415 $ 384,891 Sales 2019 $ 267,100 Cost of goods sold 302,454 244,406 170,944 Gross profit 199,961 140,485 96,156 Selling expenses 71,343 53,115 35,257 Administrative expenses 45,217 33,870 22,169 Total expenses Income before taxes Income tax expense 116,560 86,985 57,426 83,401 53,500 38,730 15,513 10,968 7,862 Net income $ 67,888 $ 42,532 $ 30,868 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 2020 2019 $ 57,542 0 106,863 $ 38,513 500 97,558 $ 51,483 3,140 58,526 $ 164,405 $ 136,571 $ 113,149 71,000 $ 24,003 $ 20,349 71,000 $ 19,801 53,000 8,875 5,889 36,347 34,459 8,875 60,527 $164,405 $ 136,571 $ 113,149