Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2018 2019 Sales $429,056 $ 328,692 2017 $228,100 Cost of goods sold 258,292 208,062 145,984 Gross profit 170,764 120,630 82,116 Selling expenses 60,926 45,359 30,109 Administrative expenses 38,615 28,925 18,932 Total expenses 99,541 74,284 49,041 Income before taxes 71,223 46,346 33,075 Income tax expense 13,247 9,501 6,714 Net income $ 57,976 $ 36,845 $ 26,361 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 $ 60,044 $ 40,187 $ 53,721 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 0 115,011 $175,055 1,100 104,130 4,460 62,297 $145,417 $ 120,478 $ 25,558 $ 21,667 $ 21,084 68,000 8,500 72,997 $175,055 68,000 50,000 8,500 47,250 5,556 43,838 $ 145,417 $ 120,478