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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2019 $ 508,058 2018 $389,214 2017 $270,100 305,851 245,983 172,864 202,207 143,231 97,236 72,144 53,712 35,653 45,725 34,251 22,418 117,869 87,963 58,071 84,338 55,268 39,165 15,687 11,330 7,950 $ 68,651 $ 43,938 $31,215 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 $ 60,453 $ 40,461 $ 54,087 112,269 800 102,219 5,000 59,786 $172,722 $143,480 $118,873 $ 25,217 $ 21,379 $ 20,803 66,000 8,250 73,255 $172,722 66,000 48,000 8,250 47,851 $143,480 5,333 44,737 $118,873