Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales Cost of goods sold $ 548,312 330,084 $ 420,052 263,793 2019 $ 291,500 186,560 Gross profit 218,228 156,259 104,940 Selling expenses 77,860 57,967 38,478 Administrative expenses 49,348 36,965 24,195 Total expenses 127,208 94,932 62,673 Income before taxes 91,020 61,327 42,267 Income tax expense 16,930 12,572 8,580 Net income $ 74,090 $ 48,755 $ 33,687 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 59,167 Long-term investments Plant assets, net 106,567 Total assets $ 165,734 $ 137,674 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 24,197 63,000 7,875 70,662 $ 20,513 63,000 Total liabilities and equity $ 165,734 $ 137,674 $ 39,601 800 97,273 7,875 46,286 2019 $ 52,937 4,480 56,646 $ 114,063 $ 19,961 45,000 5,000 44,102 $ 114,063