complete the Exercise as follows: 1) Selected comparative financial statement information of Danno Corporation follows. DANNO CORPORATION Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 2019 2018 Sales $ 392,000 $ 300,304 $ 208,400 Cost of goods sold 235,984 190,092 133,376 Gross profit 156,016 110,212 75,024 Selling expenses 55,664 41,442 27,509 Administrative expenses 35,280 26,427 17,297 Total expenses 90,944 67,869 44,806 Income before taxes 65,072 42,343 30,218 Income taxes 12,103 8,680 6,134 Net income $ 52,969 $ 33,663 $ 24,084 DANNO CORPORATION Comparative Balance Sheets For Years Ended December 31, 2020, 2019, and 2018 5 2020 2019 2018 6 Assets Current assets $ 53,776 $ 28 Long-term investments 29 Plant assets, net 99,871 30 Total assets $ 153,647 42,494 $ 400 106,303 $ 149,197 55,118 4,110 64,382 $ 123,610 31 Liabilities and Equity 32 Current liabilities S 22,432 $ 22,230 S 21,632 33 34 35 36 Common stock Other paid-in capital Retained earnings Total liabilities and equity 70,000 8,750 52,465 70,000 8,750 48,217 52,000 5,778 44,200 $ 153,647 $ 149,197 $123,610 38 39 Required 38 39 Required 40 1) Compute each year's current ratio. (Round ratio amounts to one decimal.) 41 42 43 44 45 2) Express the income statement data and balance sheet data in common-size percents. (Round percents to two decimals.) 3) Express the balance sheet data only in trend percents with 2018 as the base year. (Round percents to two decimals.) 4) Comment on any significant relations revealed by the ratios and percents computed. 46 Check (3) 2020, Total assets trend, 124.30% 47 48 49 50