Required information [The following information applies to the questions displayed belowj Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes $ 506,553 $ 388,061 269,300 172,352 96,948 35,548 22,352 57,900 39,048 7,927 304,945 201,608 246,419 141,642 53,552 34,149 87,791 53,941 11,058 $ 42,883 71,931 45,590 117,521 84,087 15,640 68,447 Net income 31,121 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets Long-term investments Plant assets, net Total assets $ 51,952 $40,646 $ 54,335 3,540 61,542 $ 148,435 $ 144,136 119,417 500 96,483 102,99e Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 21,672 $21,476 20,898 54,000 6,000 38,519 $ 148,435 $ 144,136 119,417 72,000 9,000 45,763 72,000 9,000 41,660 Total liabilities and equity