Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes. Income tax expense Net income 2020 $ 369,184 2019 2021 $ 481,912 290,111 $ 256,200 233,693 163,968 191,801 135,491 92,232 68,432 50,947 33,818 43,372 32,488 21,265 111,804 83,435 55,083 79,997 52,056 37,149 14,879 10,671 7,541 $ 65,118 $ 41,385 $ 29,608 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 Total liabilities and equity 2020 $ 58,193 0 108,072 $ 38,949 700 98,467 $ 166,265 $ 138,116 $ 20,579 72,000 $ 24,275 72,000 9,000 60,990 9,000 36,537 2019 $ 52,065 3,700 58,664 $ 114,429 $ 20,025 54,000 6,000 34,404 $ 166,265 $ 138,116 $ 114,429