The comparative statements of Corbin Company are presented below CORBIN COMPANY Income Statement For the Years Ended December 31 2017 2016 $595,000 $520,000 Net sales (all on account) Expenses Cost of goods sold Selling and administrative Interest expense Income tax expense 415,000 120,800 354,000 114,800 6,000 14,000 488,800 $ 31,200 7,800 15,000 558,600 $ 36,400 Total expenses Net income CORBIN COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Short-term investments Accounts receivable (net) Inventory $ 21,000 18,000 91,000 85,000 215,000 423,000 $638,000 $ 18,000 15,000 74,000 70,000 177,000 383,000 $560,000 Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity