1 of 2 [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. Book rint KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 507,682 $ 388,926 $ 269,900 Cost of goods sold 305,625 244,634 172,736 Gross profit 202,057 144,292 97,164 Selling expenses 72,091 53,672 35,627 Administrative expenses 45,691 34,225 22,402 Total expenses 117,782 87,897 58,029 Income before taxes 84,275 56,395 39,135 Income tax expense 15,675 11,561 7,944 Net income $ 68,600 $ 44,834 $ 31, 191 rences 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 59,570 Long-term investments 0 Plant assets, net 114, 104 Total assets $ 173,674 Liabilities and Equity Current liabilities $ 25,356 Common stock 64,000 Other paid-in capital 8,000 Retained earnings 76,318 $ 39,870 1,000 102,400 $ 144,270 $ 53,298 4,900 61,330 $ 119,528 $ 21,496 64,000 8,000 50,774 $ 20,917 46,000 5,111 47,500 Prey 1 2 of 5 Next Total liabilities and equity 76,318 $ 173,674 50,774 $ 144,270 47. See $ 119,528 art 1 of 2 2. Complete the below table to calculate income statement data in common-size percents (Round your percentage answers to 2 decimal places.) Tits eBook Print eferences 2017 100.00% KORBIN COMPANY Common Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100 001% 100.00% Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net Income % Prev 1 2 of 5 !!! Next >