Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Sales 2021 $ 555,000 2020 $ 340,000 2019 $ 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 KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 Long-term investments Total assets Current liabilities. Assets Current assets Plant assets, net Liabilities and Equity Common stock $ 52,390 0 100,000 $ 37,924 500 96,000 $ 152,390 $ 134,424 Other paid-in capital Retained earnings $ 22,800 72,000 9,000 48,590 Total liabilities and equity $ 152,390 $ 134,424 $ 19,960 72,000 9,000 33,464 2019 $ 51,748 3,950 60,000 $ 115,698 $ 20,300 60,000 6,000 29,398 $ 115,698