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 $ 416,077 $ 318,749 $ 221,200 Cost of goods sold 250,478 200,493 141,568 Gross profit 165,599 118,256 79,632 Selling expenses 59,083 43,987 29,198 Administrative expenses 37,447 28,050 18,36 Total expenses 96,530 72,037 47,558 Income before taxes 69,069 46,219 32,074 Income tax expense 12,847 9,475 6,511 Net income $ 56,222 $ 36,744 $ 25,563 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 59,730 $ 39,978 Long-term investments 0 900 Plant assets, net 114,411 103,780 Total assets $ 174,141 $ 144,658 Liabilities and Equity Current liabilities $ 25,425 $ 21,554 Common stock 69,000 69,000 Other paid-in capital 8,625 8,625 Retained earnings 71,091 45,479 Total liabilities and equity $ 174,141 $ 144,658 $ 53,441 4,190 62,218 $ 119,849 A 20,974 51,000 5,667 42,208 $ 119,849 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 $ 416,077 $ 318,749 $ 221,200 Cost of goods sold 250,478 200,493 141,568 Gross profit 165,599 118,256 79,632 Selling expenses 59,083 43,987 29,198 Administrative expenses 37,447 28,050 18,36 Total expenses 96,530 72,037 47,558 Income before taxes 69,069 46,219 32,074 Income tax expense 12,847 9,475 6,511 Net income $ 56,222 $ 36,744 $ 25,563 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 59,730 $ 39,978 Long-term investments 0 900 Plant assets, net 114,411 103,780 Total assets $ 174,141 $ 144,658 Liabilities and Equity Current liabilities $ 25,425 $ 21,554 Common stock 69,000 69,000 Other paid-in capital 8,625 8,625 Retained earnings 71,091 45,479 Total liabilities and equity $ 174,141 $ 144,658 $ 53,441 4,190 62,218 $ 119,849 A 20,974 51,000 5,667 42,208 $ 119,849