Che Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 (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 $ 531,006 $406,794 $ 282,300 Cost of goods sold 319,666 255,873 180,672 Gross profit 211,340 150,921 101,628 Selling expenses 75,403 56,138 Administrative expenses 37,264 47,791 35,798 23, 431 Total expenses 123, 194 Income before taxes 91,936 60,695 88,146 Income tax expense 58,985 40,933 16,395 12,092 8,309 Net income $ 71,751 $ 46,893 $ 32,624 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 56, 432 $ 37,770 $ 50,490 Long-term investments 0 700 4, 120 Plant assets, net 106, 430 96,819 57,477 Total assets $ 162,862 $ 135,289 $112,087 Liabilities and Equity Current liabilities $ 23,778 $ 20,158 $ 19,615 Common stock 68,000 68,000 50,000 Other paid-in capital 8,500 8,500 5,556 Retained earnings 62,584 38,631 36,916 Total liabilities and equity $ 162,862 $ 135,289 $ 112,087 Problem 13-2A Part 1 Problem 13-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Choose Numerator: Current Ratio Choose Denominator: + / / 2019 2018 2017 Current ratio Current ratio to 1 to 1 II = to 1