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 $ 381,091 $ 291,947 $ 202,600 Cost of goods sold 229,417184,802 129,664 Gross profit 151,674107,145 72,936 Selling expenses 54, 11540,289 26,743 Administrative expen 34,298 25,691 16.816 Total expenses 88,413, 65,980 43,559 Income before taxe 63,26141,165 29.377 Income taxes 11,7678 ,439 5,964 Net income $ 51,494 $ 32,726 $ 23, 413 2015 0 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 Assets 46,376 $ 36,284 Current assets 900 Long-term investments 92,781 = 87,465 Plant assets, net $ 133, 841 $ 129,965 Total assets Liabilities and Equity Current liabilities 19,541 $ 19,365 71,000 71,000 Common stock 8,875 8,875 Other paid-in capital 34,425 30, 725 Retained earnings $ 133,841 $ 129,965 Total liabilities and equity $ 48,503 4,420 54,753 $ 107,676 $ 18, 843 53,000 5,889 29,944 $107, 676 2015 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes | | Net income % %