Sales Cost of goods sold Gross profit KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 $ 491,882 296,113 2020 $ 376,822 2019 $ 261,500 235,891 167,360 195,769 140,931 94,140 69,847 52,001 34,518 44,269 33,160 21,705 114,116 85,161 56,223 81,653 55,770 37,917 15,187 11,433 7,697 $ 66,466 $ 44,337 $ 30,220 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets Long-term investments Plant assets, net $ 63,560 0 114,478 Total assets $ 178,038 Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings $ 25,994 65,000 8,125 78,919 8,125 52,734 Total liabilities and equity $ 178,038 $ 147,895 $ 42,541 500 104,854 $ 147,895 $ 22,036 65,000 $ 56,867 3,880 61,784 $122,531 $ 21,443 47,000 5,222 48,866 $ 122,531 4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year