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, 2019, 2018, and 2017 2019 2018 Sales $546,431 $418,611 2017 $290,500 Cost of goods sold 328,951 264,144 185,920 Gross profit 217,480 154,467 104,580 Selling expenses 77,593 57,768 38,346 Administrative expenses 49,179 36,838 24,112 Total expenses 126,772 94,606 62,458 Income before taxes 90,708 59,861 42,122 Income tax expense Net income 16,872 12,272 8,551 $ 73,836 $ 47,589 $ 33,571 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 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 2019 2018 2017 $ 55,433 0 $ 37,101 700 $ 49,596 4,360 102,947 93,764 55,046 $109,002 $158,380 $131,565 $ 23,123 $ 19,603 $ 19,075 71,000 8,875 55,382 71,000 53,000 8,875 5,889 32,087 31,038 $158,380 $131,565 $109,002