18 [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. Part 2 of 3 2 points KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales $ 452,757 $ 346,849 Cost of goods sold 272,560 217,821 Gross profit 180, 197 129,028 Selling expenses 64,291 47,865 Administrative expenses 40,748 30,523 Total expenses 105,039 78,388 Income before taxes 75,158 50,640 Income tax expense 13,979 10,381 Net income $ 61,179 $ 40, 259 2019 $ 240,700 154,048 86,652 31,772 19,978 51,750 34,902 7,085 $ 27,817 eBook Print References 2020 2019 KORBIN COMPANY Comparative Balance Sheets December 31 2021 Assets Current assets $ 60,256 Long-term investments Plant assets, net 113,643 Total assets $ 173,899 Liabilities and Equity Current liabilities $ 25,389 Common stock 65,000 Other paid-in capital 8,125 Retained earnings 75,385 Total liabilities and equity $ 173,899 $ 40,330 1,100 103,027 $ 144,457 $ 53,911 4,350 61,422 $ 119,683 $ 21,524 65,000 8,125 49,808 $ 144,457 $ 20,945 47,000 5,222 46,516 $ 119,683 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 Sales 100.00% 100.00% 100.00% Cost of goods sold 60.20 62.80 64.00 39.80 37.20 36.00 Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % %