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 Sales $ 481,912 2020 $ 369,184 2019 $ 256,200 Cost of goods sold 290,111 233,693 163,968 Gross profit 191,801 135,491 92,232 Selling expenses 68,432 50,947 33,818 Administrative expenses 43,372 32,488 21,265 Total expenses 111,804 83,435 55,083 Income before taxes 79,997 52,056 37,149 Income tax expense Net income 14,879 10,671 7,541 $ 65,118 $ 41,385 $ 29,608 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital 2021 2020 $ 58,193 0 $ 38,949 700 98,467 108,072 $ 166,265 $ 138,116 $ 24,275 72,000 9,000 $ 20,579 72,000 9,000 2019 $ 52,065 3,700 58,664 $ 114,429 $ 20,025 54,000 6,000