11 Part 1 of 2 10 points KORBIN COMPANY Comparative Income Statements For Years Ended December 31" 2020 2021 2019 Sales $444,292 $ 340,364 $ 236,200 Cost of goods sold 267,464 214,429 151,168 Gross profit 176,828 125,935 85,032 Selling expenses 63,089 46,970 31,178 Administrative expenses 39,986 29,952 19,605 Total expenses 103,075 76,922 50,783 Income before taxes 73,753 49,013 34,249 Income tax expense 13,718 10,048 6,953 Net income $ 60,035 $ 38,965 $ 27,296 eBook Print Assets References KORBIN COMPANY Comparative Balance Sheets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 Total liabilities and equity 2021 $ 61,312 0 112,130 $ 173,442 $ 25,323 64,000 8,000 76,119 $ 173,442 2020 2019 $ 41,036 $ 54,856 1,200 4,930 101,841 59,582 $ 21,467 $144,077 $ 119,368 64,000 8,000 $ 20,889 46,000 5,111 47,368 $ 119,368 50,610 $144,077 11 Part 1 of 2 Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 61,312 0 $ 41,036 $ 54,856 1,200 101,841 $144,077 4,930 59,582 $119,368 112,130 $ 173,442 $ 25,323 64,000 $ 21,467 $ 20,889 46,000 8,000 5,111 76,119 47,368 64,000 8,000 50,610 $ 173,442 $ 144,077 $ 119,368 oints eBook Required: 1. Complete the below table to calculate each year's current ratio. Print 2021 References 2020 2019 Numerator: Current Ratio Denominator: Current ratio = Current ratio = to 1 = to 1 = to 1