Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2019 $549,816 2018 $421,204 $292,300 330,989 265,359 187,072 218,827 155,845 105,228 78,074 58,126 38,584 49,483 37,066 24,261 127,557 95,192 62,845 91,270 60,653 42,383 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 98,816 108,077 $167,172 $ 138,869 $ 24,407 $ 20,691 68,000 8,500 66,265 68,000 8,500 41,678 2017 $ 52,873 4,500 57,680 $ 115,053 $ 20,134 50,000 5,556 39,363