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 $ 555,271 $ 425,383 2019 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income $ 295,200 334,273 269,693 188,928 220,998 155,690 106,272 78,848 58,703 38,966 49,974 37,434 24,502 128,822 96,137 63,468 92,176 59,553 42,804 17,145 12,208 8,689 $ 75,031 $ 47,345 $ 34,115 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Common stock $ 61,727 0 116,418 $ 178,145 $ 41,314 1,100 105,570 2019 $ 55,227 4,560 62,818 $ 147,984 $ 122,605 Other paid-in capital Retained earnings $ 26,009 66,000 8,250 77,886 $ 22,050 $ 21,456 Total liabilities and equity $ 178,145 $ 147,984 66,000 8,250 51,684 48,000 5,333 47,816 $ 122,605