Chapter 13 - Homework Saved 2 o Part 2 of 4 10 10 points Required information [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, and 2019 2021 Sales $ 555,000 2020 $ 340,000 2019 $ 278,000 eBook Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Ask Selling expenses 102,900 46,920 50,800 Administrative expenses 50,668 29,920 22,800 Print Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 References Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 Assets Current assets KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 Long-term investments Plant assets, net Liabilities and Equity Common stock 2021 $ 52,390 0 100,000 $ 152,390 2020 $ 37,924 500 96,000 $ 134,424 Total assets Current liabilities Other paid-in capital Retained earnings Total liabilities and equity $ 152,390 $ 134,424 $ 22,800 72,000 9,000 48,590 $ 19,960 72,000 9,000 33,464 2019 $ 51,748 3,950 60,000 $ 115,698 $ 20,300 60,000 6,000 29,398 $ 115,698