5 2 bints The condensed statements of Independent Auto Inc. follow: Net sales Independent Auto Inc. Income Statement ($000) For Years Ended December 31. Cost of goods sold Gross profit from sales Selling expenses Administrative expenses. 2020 $209,600 125,334 2019 $192,800 119,600 $ 84,266 $ 73,200 $ 29,617 18,971 $ 26,635 26,995 Print Total operating expenses $ 48,588 $ 53,630 Profit before taxes $ 35,678 $ 19,570 6,783 6,167 $ 28,895 $ 13,403 Income taxes Profit 2018 $167,600 106,328 $ 61,272 $ 22,166 13,869 $ 36,035 $ 25,237 5,233 $ 20,004 Independent Auto Inc. Balance Sheet ($000) December 31 Assets Current assets Non-strategic investments Plant and equipment, net Total assets Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and equity 2020 2019 2018 $ 35,136 0 65,400 $27,747 590 69,600 $36,654 3,204 42,300 $100,536 $97,937 $82,158 $ 14,740 $14,572 $14,236 59,100 59,100 44,400 26,696 24,265 23,522 $100,536 $97,937 $82,158 int Required. 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) Current ratios December 31, 2020 to 11 December 31, 2019 to 1 December 31, 2018 to 1 2. Express the income statement data in common-size percentages. (Round your final percentage answers to 2 decimal places INDEPENDENT AUTO INC. Common-Size Comparative Income Statement (in %) For Years Ended December 31, 2020, 2019, and 2018 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes. Income taxes Profit 2020 2019 2018 < Prev 2 of 3 Next > 2 3. Express the balance sheet data in trend percentages with 2018 as the base year. (Round your final percentage answers to 2 decimal places.) Print INDEPENDENT AUTO INC. Balance Sheet Data in Trend Percentages (in %) December 31, 2020, 2019, and 2018 Assets Current assets Non-strategic investments Plant and equipment, net Total assets Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and equity 2020 2019 2018