Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 549,252 $ 420,772 2019 $ 292,000 Cost of goods sold 330,650 266,349 186,880 Gross profit 218,602 154,423 105,120 Selling expenses 77,994 58,067 38,544 Administrative expenses 49,433 37,028 24,236 Total expenses 127,427 95,095 62,780 Income before taxes 91,175 59,328 42,340 Income tax expense 16,959 12,162 8,595 Net income $ 74,216 $ 47,166 $ 33,745 Assets Current assets KORBIN COMPANY Comparative Balance Sheets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 Total liabilities and equity 2021 $ 59,414 0 112,055 $ 171,469 2020 2019 $ 39,766 700 $ 53,158 3,020 101,972 61,832 $142,438 $ 118,010 $ 25,034 67,000 $ 21,223 $ 20,652 8,375 71,060 67,000 8,375 45,840 $ 171,469 $142,438 49,000 5,444 42,914 $ 118,010