[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 Sales $ 555,000 2020 $ 340,000 2019 $ 278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Selling expenses 102,900 46,920 50,800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 $ $2,390 100,000 $ 37,924 500 96,000 $ 152,390 $ 134,424 19,960 72,000 9,000 33,464 $ 22,800 72,000 9,000 48,590 $ 134,424 2019 $ 51,748 3,950 60,000 $ 115,698 $ 20,300 60,000 6,000 29,398 $ 115,698 Total liabilities and equity $ 152,390