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 2019 2018 2017 Sales $ 393,505 $ 301,457 $ 209,200 Cost of goods sold 236, 890 191,124 133,888 Gross profit 156,615 110,333 75,312 Selling expenses 55,878 41,601 27,614 Administrative expenses 35,415 26,528 17,364 Total expenses 91,293 68, 129 44,978 Income before taxes 65, 322 42,204 30,334 Income tax expense 12,150 8,652 6,158 Net income $ 53, 172 $ 33,552 $ 24,176 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 62,061 $ 41,538 Long-term investments 0 1,000 Plant assets, net 111,779 101,870 -ARRE 172. RAN 2017 $ 55,526 4,750 59,366 14 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 62,061 $ 41,538 Long-term investments 0 1,000 Plant assets, net 111,779 101,870 Total assets $ 173,840 $ 144,408 Liabilities and Equity Current liabilities $ 25,381 $ 21,517 Common stock 64,000 64,000 Other paid-in capital 8,000 8,000 Retained earnings 76,459 50,891 Total liabilities and equity $ 173,840 $ 144,408 $ 55, 526 4,750 59,366 $ 119,642 $ 20,937 46,000 5,111 47,594 $ 119,642 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales % % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets Current assets % % 100.00 % Long-term investments - 100.00 100.00 100.00 % % % Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity % % 100.00 % 100.00 100.00 % 100.00 100.00 % %