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, 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 Net income $ 382,595 $ 293,099 $203,400 130,176 73,224 26,849 16,882 43,731 29,493 5,987 $ 51,698 33,787$ 23,506 230,322 152,273 54,328 34,434 88,762 63,511 11,813 184,359 108,740 40,448 25,793 66,241 42,499 8,712 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 $ 48,698 38,100 50,931 3,710 57,295 $139,136 $135,107$111,936 900 96,107 90,438 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 20,314 $ 20,131 $ 19,589 50,000 5,556 36,791 $139,136 $135,107$111,936 68,000 8,500 42,322 68,000 8,500 38,476