Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 Sales 2019 $549,816 2018 $421,204 2017 $292,300 Cost of goods sold 330,989 265,359 187,072 Gross profit 218,827 155,845 105,228 Selling expenses 78,074 58,126 38,584 Administrative expenses 49,483 37,066 24,261 Total expenses 127,557 95,192 62,845 Income before taxes 91,270 60,653 42,383 Income tax expense Net income 16,976 12,434 8,604 $ 74,294 $ 48,219 $ 33,779 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 Assets Current assets. Long-term investments Plant assets, net. Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings 2019 2018 $ 59,095 0 $ 39,553 500 98,816 2017 $ 52,873 4,500 57,680 $ 115,053 108,077 $167,172 $ 138,869 $ 24,407 $ 20,691 68,000 8,500 66,265 68,000 8,500 41,678 $ 20,134 50,000 5,556 39,363