Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income $ 422,285 2018 $ 323,505 2017 $224,500 254, 216 202,514 143,680 168,069 120,991 80,820 59,964 44,644 29,634 38,006 28,468 18,634 97,970 73,112 48,268 70,099 47,879 32,552 13,038 9,815 6,608 $ 57,061 $ 38,064 $ 25,944 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital $ 58,125 0 104,689 $ 38,903 $ 52,004 3,730 56,320 1,100 95,246 $ 112,054 $ 162,814 $ 135,249 $ 23,771 $ 20,152 $ 19,609 68,000 68,000 50,000 8,500 62,543 8,500 38,597 5,556 36,889 Total liabilities and equity $ 162,814 $ 135,249 $ 112,054 Retained earnings