17-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 Skip to question [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 2019 Sales $ 394,070 $ 301,890 $ 209,500 Cost of goods sold 237,230 190,493 134,080 Gross profit 156,840 111,397 75,420 Selling expenses 55,958 41,661 27,654 Administrative expenses 35,466 26,566 17,389 Total expenses 91,424 68,227 45,043 Income before taxes 65,416 43,170 30,377 Income tax expense 12,167 8,850 6,167 Net income $ 53,249 $ 34,320 $ 24,210 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 59,277 $ 39,674 $ 53,035 Long-term investments 0 700 3,340 Plant assets, net 110,085 100,314 60,185 Total assets $ 169,362 $ 140,688 $ 116,560 Liabilities and Equity Current liabilities $ 24,727 $ 20,963 $ 20,398 Common stock 68,000 68,000 50,000 Other paid-in capital 8,500 8,500 5,556 Retained earnings 68,135 43,225 40,606 Total liabilities and equity $ 169,362 $ 140,688 $ 116,560 Problem 17-2A (Algo) Part 1 Required: 1. Complete the below table to calculate each year's current ratio