Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income $ 420,780 322,352 $223,700 143,168 80,532 29,528 18,567 48,095 32,437 6,585 $ 56,857 36,902$ 25,852 253,310 167,470 59,751 37,870 97,621 69,849 12,992 203,082 119,270 44,485 28,367 72,852 46,418 9,516 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 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 $ 51,495 40,289 53,857 4,110 62,815 $150,132 $145,784 $120,782 1,100 104,395 98,637 $ 21,919 $ 21,722 $ 21,137 49,000 5,444 45,201 $150,132 $145,784 $120,782 67,000 8,375 52,838 67,000 8,375 48,687