2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) X Answer is complete but not entirely correct. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales 100.00 % 100.00 100.00 % Cost of goods sold 60.20 62.90 X 64.00 39.80 37.10 36.00 Gross profit Selling expenses Administrative expenses 14.20 13.80 13.20 9.00 8.80 8.30 Total expenses 23.20 22.60 21.50 Income before taxes 16.60 14.50 X 14.50 Income tax expense 3.09 2.97 X 2.94 Net income 13.51 % 11.53 % 11.56 % Required information [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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 426, 423 $ 326,675 $ 226,700 Cost of goods sold 256, 707 204,825 145,088 Gross profit 169, 716 121,850 81,612 Selling expenses 60,552 45,081 29,924 Administrative expenses 38,378 28, 747 18,816 Total expenses 98,930 73,828 48,740 Income before taxes 70,786 48,022 32,872 Income tax expense 13,166 9,844 6,673 Net income $ 57,620 $ 38,178 $ 26,199 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 61,002 $ 40,829 Long-term investments 0 500 Plant assets, net 115,049 104,916 Total assets $ 176,051 $ 146,245 Liabilities and Equity Current liabilities $ 25, 703 $ 21,791 Common stock 66,000 66,000 Other paid-in capital 8,250 8,250 Retained earnings 76,098 50,204 Total liabilities and equity $ 176,051 $ 146,245 $ 54,578 4,530 62,056 $ 121,164 $ 21, 204 48,000 5,333 46,627 $ 121,164 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)