[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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 $ 544,738 327,932 2020 $ 417,314 2019 $ 289,600 261,656 216,806 155,658 185,344 104,256 77,353 57,589 38,227 49,026 36,724 24,037 126,379 94,313 62,264 90,427 61,345 41,992 16,819 12,576 8,524 $ 73,608 $ 48,769 $ 33,468 KORBIN COMPANY Comparative Balance Sheets December 31 2021 Assets Current assets Long-term investments Plant assets, net $ 54,917 101,988 B Total assets Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings $ 22,908 68,000 8,500 57,497 Total liabilities and equity $ 156,905 $ 130,340 2020 $ 36,756 600 92,984 $ 156,905 $ 130,340 $ 19,421 68,000 8,500 34,419 2019 $ 49,134 4,700 54,153 $ 107,987 $ 18,898 50,000 5,556 33,533 $ 107,987