Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 Sales $379,210 2019 $290,506 2018 $201,600 Cost of goods sold 228,284 183,309 129,024 Gross profit 150,926 107,197 72,576 Selling expenses 53,848 40,090 26,611 Administrative expenses 34,129 25,565 16,733 Total expenses 87,977 65,655 43,344 Income before taxes 62,949 41,542 29,232 Income tax expense Net income 11,709 8,516 5,934 $ 51,240 $ 33,026 $ 23,298 Assets KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock 2020 $ 59,579 0 110,647 $170,226 2019 2018 $ 39,876 $ 53,306 900 100,630 $141,406 $ 24,853 $ 21,069 68,000 8,500 3,730 60,119 $117,155 $ 20,502 50,000 5,556 68,000 Other paid-in capital 8,500 Retained earnings 68,873 43,837 41,097 Total liabilities and equity $170,226 $141,406 $117,155