Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2014, 2013, and 2012 2014 2013 2012 Sales Cost of goods sold $555,000 $340,000 278,000 153,900 283,500 212,500 Gross proft Selling expenses Administrative expenses 271,500 102,900 50,668 127,500 46,920 29,920 124,100 50,800 22,800 Total expenses 153,568 76,840 73,600 Income before taxes Income taxes 117,932 40,800 50,660 10,370 50,500 15,670 Net income $ 77,132 $40,290 34,830 KORBIN COMPANY Comparative Balance Sheets December 31, 2014, 2013, and 2012 2014 2013 2012 Assets Current assets Long-term investments Plant assets, net $ 52,390 37,924 51,748 3,950 60,000 0 100,000 500 96,000 Total assets 152,390 134,424 115,698 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings 22,800 9,960 20,300 72,000 9,000 33,464 72,000 9,000 48,590 60,000 6,000 29,398 Total liabilities and equity $152,390 134.424 115,698