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, 2015, 2014, and 2013 2015 2014 2013 Sales Cost of goods sold $545,490 $417,890 $290,000 185,600 328,385 262,435 Gross profit Selling expenses Administrative expenses 217,105 77,460 49,094 155,455 57,669 36,774 104,400 38,280 24,070 Total expenses 126,554 94,443 62,350 Income before taxes Income taxes 90,551 16,842 61,012 12,507 42,050 8,536 Net income $ 73,709 $48,505 33,514