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 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2020 $ 492,634 296,566 $ 377,398 238,138 $ 261,900 167,616 196,068 139,260 94,284 69,954 52,081 34,571 44,337 33,211 21,738 114,291 85,292 56,309 81,777 53,968 37,975 15,211 11,063 7,709 $ 66,566 $ 42,905 $ 30,266 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Total assets Current liabilities Assets Current assets Long-term investments Plant assets, net Liabilities and Equity Common stock $ 53,801 Other paid-in capital Retained earnings Total liabilities and equity $ 156,853 $ 36,009 700 93,588 103,052 $ 156,853 $ 130,297 $ 22,901 68,000 8,500 57,452 $ 19,414 68,000 8,500 34,383 $ 48,135 3,680 56,136 $ 107,951 $ 18,891 50,000 5,556 33,504 $ 107,951 $ 130,297