1 Required information (The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. 15 points 8 01:53:09 2019 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2018 2017 Sales $435,828 $333,880 $ 231,700 Cost of goods sold 262,368 209,009 148, 288 Gross profit 173,460 124,871 83,412 Selling expenses 61,888 46,075 30,584 Administrative expenses 39,225 29, 381 19,231 Total expenses 101,113 75,456 49,815 Income before taxes 72,347 49, 415 33,597 Income tax expense 13,457 Net income $ 58,890 $ 39,285 $ 26,777 eBook 10,130 6,820 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 56,625 $ 37,899 $ 50,662 Long-term investments 0 1,000 3,930 Plant assets, net 103,558 94,164 55,651 Total assets $ 160,183 $133,063 $110,243 Liabilities and Equity Current liabilities $ 23, 387 $ 19,826 $ 19, 293 Common stock 65,000 65,000 47,000 Other paid-in capital 8, 125 8,125 5,222 Retained earnings 63,671 40,112 38,728 Total liabilities and equity $ 160, 183 $ 133,063 $ 110,243 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 $ 160, 183 $ 133,063 $110,243 1 Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 23,387 65,000 8,125 63,671 $160,183 $ 19,826 $ 19, 293 65,000 47,000 8,125 5,222 40,112 38,728 $ 133,063 $110,243 15 points 01:37:57 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) eBook KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales % % % Cost of goods sold Gross profit Selling expenses Administrative Total expenses Income before taxes Income tax expense Net income % % %