Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2019 $ 505,613 2018 $387,341 2017 $268,800 304,379 245,962 172,032 201,234 141,379 96,768 71,797 53,453 35,482 45,505 34,086 22,310 117,302 87,539 57,792 83,932 53,840 38,976 15,611 11,037 .7,912 $ 68,321 $ 42,803 $ 31,064 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 $ 56,592 $ 37,877 $ 50,633 0 108,399 1,100 98,080 3,530 59,389 $164,991 $137,057 $113,552 64,000 8,000 68,902 $ 24,089 $ 20,421 $ 19,872 46,000 5,111 42,569 64,000 8,000 44,636 Total liabilities and equity $164,991 $137,057 $113,552