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 $ 555,000 $ 340,000 $ 278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124, 100 Selling expenses 102,900 46,920 50, 800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117, 932 50,660 50,500 Income tax expense 40, 800 10, 370 15,670 Net income $77,132 $ 40,290 $ 34,830 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 52,390 Long-term investments Plant assets, net 100,000 Total assets $152, 390 Liabilities and Equity Current liabilities $ 22,800 Common stock 72,000 Other paid-in capital 9,000 Retained earnings 48,590 Total liabilities and equity $152, 390 $ 37,924 500 96,000 $ 184, 424 $ 51,748 3,950 60,000 $ 115, 698 $ 19,960 72,000 9,000 33, 464 $ 134, 424 $ 20,300 60,000 6,000 29, 398 $ 115, 698 2017 100.00 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00 % 100.00 % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 % % 100.00 % 100.00 100.00 100.00 % % % Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity % 100.00 % 100.00 100.00 100.00 % 100.00 %