Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 $555,000 2018 $340,000 2017 Sales $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Selling expenses 102,900 46,920 50,800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2018 $ 52,390 0 $ 37,924 500 100,000 $152,390 $ 22,800 72,000 9,000 48,590 $152,390 96,000 $134,424 $ 19,960 72,000 9,000 33,464 $134,424 2017 $ 51,748 3,950 60,000 $115,698 $ 20,300 60,000 6,000 29,398 $115,698