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 2019 Sales $ 386,734 $ 296,270 $ 205,600 Cost of goods sold 232,814 186,058 131,584 Gross profit 153,920 110,212 74,016 Selling expenses 54,916 40,885 27,139 Administrative expenses 34,806 26,072 17,065 Total expenses 89,722 66,957 44,204 Income before taxes 64,198 43,255 29,812 Income tax expense 11,941 8,867 6,052 Net income. $ 52,257 $ 34,388 $ 23,760 Assets KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Current assets Long-term investments Plant assets, net $ 63,428 117,795 B Total assets $ 181,223 $ 150,541 Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings $ 26,459 68,000 8,500 78,264 $ 42,453 1,000 107,088 $ 22,431 68,000 $ 56,749 3,740 64,234 $ 124,723 $ 21,827 8,500 51,610 50,000 5,556 47,340 Total liabilities and equity $ 181,223 $ 150,541 $ 124,723