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 Sales 2021 $ 414,196 2020 $ 317,308 Cost of goods sold 249,346 201,491 2019 $ 220,200 140,928 Gross profit 164,850 115,817 79,272 Selling expenses 58,816 43,789 29,066 Administrative expenses 37,278 27,923 18,277 Total expenses 96,094 71,712 47,343 Income before taxes 68,756 44,105 31,929 Income tax expense 12,789 9,042 6,482 Net income $ 55,967 $ 35,063 $ 25,447 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets Long-term investments Plant assets, net Total assets Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 157,806 $ 131,089 $ 55,232 0 102,574 $ 36,967 700 93,422 $ 131,089 $ 157,806 $ 23,040 $ 19,532 68,000 68,000 8,500 58,266 8,500 35,057 $ 49,416 4,820 54,371 $ 108,607 $ 19,006 50,000 5,556 34,045 $ 108,607