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 $ 408,177 $ 312,697 $ 217,000 Cost of goods sold 245,723 197,312 138,880 Gross profit 162, 454 115,385 78, 120 Selling expenses 57,961 43, 152 28,644 Administrative expenses 36,736 27,517 18,011 Total expenses 94,697 70, 669 46,655 Income before taxes 67,757 44,716 31,465 Income tax expense 12,603 9,167 6,387 Net income $ 55, 154 $ 35,549 $ 25,078 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 57,628 $ 38,571 Long-term investments 0 1,200 Plant assets, net 110,385 99,797 Total assets $ 168,013 $ 139,568 Liabilities and Equity Current liabilities $ 24,530 $ 20,796 Common stock 64,000 64,000 Other paid-in capital 8,000 8,000 Retained earnings 71,483 46,772 Total liabilities and equity $ 168,013 $ 139,568 $ 51,560 4,940 59,132 $ 115,632 $ 20,236 46,000 5,111 44,285 $ 115,632 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 Other paid-in capital 100.00 100.00 Retained earnings Total liabilities and equity % % 100.00 %