Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2020 $ 500,346 301,208 $ 383,306 2019 $ 266,000 242,249 170,240 199,138 141,057 95,760 71,049 52,896 35,112 45,031 33,731 22,078 116,080 86,627 57,190 83,058 54,430 38,570 15,449 11,158. 7,830 $ 67,609 $ 43,272 $ 30,740 Assets Current assets Long-term investments Plant assets, net KORBIN COMPANY Comparative Balance Sheets December 31 2021 $ 54,360 0 99,417 2020 $ 36,383 900 90,459 $ 19,034 Total assets Liabilities and Equity $ 153,777 $ 127,742 Current liabilities Common stock Other paid-in capital Retained earnings $ 22,451 68,000 8,500 54,826 Total liabilities and equity $ 153,777 $ 127,742 68,000 8,500 32,208 2019 $ 48,636 4,250 52,948 $ 105,834 $ 18,521 50,000 5,556 31,757 $ 105,834