The comparative statements of Corbin Company are presented below.

CORBIN COMPANY Income Statement For the Years Ended December 31

2015 2014

Net sales (all on account) $595,000 $520,000 Expenses Cost of goods sold 415,000 354,000 Selling and administrative 120,800 114,800 Interest expense 7,800 6,000 Income tax expense 15,000 14,000 Total expenses 558,600 488,800 Net income $ 36,400 $ 31,200

CORBIN COMPANY Balance Sheets December 31

2015 2014

Assets

Current assets

Cash $ 21,000 $ 18,000 Short-term investments 18,000 15,000 Accounts receivable (net) 91,800 74,000 Inventory 85,000 70 ,000 Total current assets 215,000 177,000 Plant assets (net) 423,000 383,000 Total assets $638,000 $560,000

Liabilities and Stockholders