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KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 475,329 $ 364,141 $ 252,700 Cost of goods sold 286,148 230,137 161,728 Gross profit 189,181 134,084 90,972 Selling expenses 67,497 50,251 33, 356 Administrative expenses 42,780 32,044 20,974 Total expenses 110,277 82,295 54,330 Income before taxes 78,984 51,709 36,642 Income tax expense 14,676 10,600 7,438 Net income $ 64,228 $ 41,109 $ 29, 204 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 57,455 $ 38,455 Long-term investments 600 plant assets, net 106,702 97,309 Total assets $164, 157 $ 136, 364 Liabilities and Equity Current liabilities $ 23,967 $ 20,318 Common stock 73,000 73,000 Other paid-in capital 9,125 9,125 Retained earnings 58,065 33,921 Total liabilities and equity $ 164,157 $ 136,364 $ 51,405 4,700 56,873 $ 112,978 $ 19,771 55,000 6,111 32,096 $ 112,978 paid-in capital Retained earnings Total liabilities and equity 9,125 9,125 6,111 58,065 33,921 32,096 $164,157 $ 136,364 $ 112,978 2. Complete the below table to calculate income statement data in common-size percents (Round your percentage answers to 2 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 % TULOK LOUILLES O CULLY PAN AL 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 Long-term investments 100.00 % 100.06 100.00 100.00% % % Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid in capital Retained earnings Total liabilities and equity 100.00 % 100.00 100.00 100.00 100,00 % and equity 164,157 $ 136,364 $ 112,978 4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year? O Yes O No (b) Did income as a percent of sales improve in the most recent year? O Yes ONo (c) Did plant assets grow over this period? Yes O No