8 1 of 2 Required information [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. ts Skipped KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 403,098 $308,806 $ 214,380 Cost of goods sold 242,665 194,548 137, 152 Gross profit 160,433 114,258 77, 148 Selling expenses 57,240 42,615 28, 288 Administrative expenses 36, 279 27,175 17,787 Total expenses 93,519 69, 790 46,075 Income before taxes 66,914 44,468 31,073 Income tax expense 12,446 9,116 6,308 Net income $ 54,468 $ 35,352 $ 24,765 eBook Print References KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 61,585 $ 41,219 $ 55, 100 @ Long-term investments 500 3,680 Plant assets, net 114,373 184,449 62,320 Total assets $ 175,958 $ 146,168 $121,100 Liabilities and Equity Current liabilities $ 25,690 $ 21,779 $ 21,193 Common stock 67,000 67,000 49,000 Other paid-in capital 8,375 8,375 5,444 Retained earnings 74,893 49,014 45,463 Total liabilities and equity $ 175,958 $146,168 $121, 100 2 Camnlate the holna tahle to calate intotdatin Amen Ante ION 40y100 $121, 100 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage ans decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 % Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % 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 25 % % 100.00% 100.00 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 100.00 100.00% % % 100.00% 100.00 Common stock Other paid in capital Retained earings Total liabilities and equity 100.00 % 100.00 100.00% %