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 $ 443,916 $ 340,076 2019 $ 236,000 Cost of goods sold 267,237 212,888 151,040 Gross profit 176,679 127,188 84,960 Selling expenses 63,036 46,930 31,152 Administrative expenses 39,952 29,927 19,588 Total expenses Income before taxes Income tax expense 102,988 76,857 50,740 73,691 50,331 34,220 13,707 10,318 6,947 Net income $ 59,984 $ 40,013 $ 27,273 KORBIN COMPANY Comparative Balance Sheets December 31 2021 Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Common stock $ 55,888 102,210 0 $ 37,406 500 93,425 $ 158,098 $ 131,331 Other paid-in capital Retained earnings $ 23,082 64,000 8,000 63,016 Total liabilities and equity $ 158,098 $ 131,331 2020 $ 19,568 64,000 8,000 39,763 2019 $ 50,003 3,340 55,465 $ 108,808 $ 19,041 46,000 5,111 38,656 $ 108,808