Required Informatlon [The following Information apples to the questions displayed below.j 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 $ 552, 262 423,078 $ 293,600 187,904 105,696 38,755 24, 369 63,124 42,572 8.642 $ 74,623 49,779 $33,930 332,462 219,800 78,421 49,704 128,125 91,675 17,052 264,847 158, 231 58,385 37,231 95,616 62,615 E 12,836 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 S 45,367 35,494 47,447 4,530 53,356 600 91,043 85,562 S 130,929 127,137 $ 105, 333 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 19,116 S 18,943 18,433 54,000 6,000 26,900 S 130,929 127,137 $ 105, 333 72,000 9,000 30,813 72,000 9,000 27,194