2 Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 (The following information applies to the questions displayed below.] 18 points Selected comparative financial statements of Korbin Company follow. 01:14:39 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 541,916 $ 415,152 $ 288,100 Cost of goods sold 326,233 261,961 184, 384 Gross profit 215,683 153, 191 103, 716 Selling expenses 76,952 57,291 38,029 Administrative expenses 48,772 36,533 23,912 Total expenses 125,724 93,824 61,941 Income before taxes 89,959 59,367 41,775 Income tax expense 16,732 12,170 8,480 Net income $ 73,227 $ 47,197 $ 33, 295 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 61,793 $ 41, 358 Long-term investments 0 800 Plant assets, net 114,758 104,502 Total assets $ 176,551 $ 146,660 Liabilities and Equity Current liabilities $ 25,776 $ 21,852 Common stock 72,000 72,000 Other paid-in capital 9,000 9,000 Retained earnings 69, 775 43,808 Total liabilities and equity $ 176,551 $ 146, 660 $ 55,286 4,440 61,782 $ 121,508 $ 21,264 54,000 6,000 40, 244 $ 121,508 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity % % 100.00 %