[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 550,945 $ 422,069 Sales 2019 $ 292,900 Cost of goods sold 331,669 266,326 187,456 Gross profit 219,276 155,743 105,444 Selling expenses 78,234 58,246 38,663 Administrative expenses 49,585 37,142 24,311 Total expenses 127,819 95,388 62,974 Income before taxes 91,457 60,355 42,470 Income tax expense 17,011 12,373 8,621 Net income $ 74,446 $ 47,982 $ 33,849 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital December 31 2021 $ 58,542 0 105,442 $ 163,984 2020 2019 $ 39,183 $ 52,378 800 3,150 96,238 57,331 $136,221 $ 112,859 $ 23,942 71,000 $ 20,297 $ 19,750 71,000 8,875 60,167 8,875 36,049 53,000 5,889 34,220 Total liabilities and equity $ 163,984 $ 136,221 $ 112,859 Retained earnings