. Independent Auto Inc. Income Statement (5000) For Years Ended December 31 2020 Net sales $209,800 Cost of goods sold 125,384 Gross profit from sales $ 34, 416 Selling expenses $ 29,647 Administrative expenses 18,991 Total operating expenses $ 48,638 Profit before taxes $ 35,778 Income taxes 6,813 Profit $ 28,965 2019 $193,000 119,650 $ 73,350 $ 26,665 27,015 $ 53,680 $ 19,670 6,197 $ 13,473 2018 $167,800 106,378 5 61.422 $ 22,196 13.889 $ 36,085 $ 25,337 5,263 $ 20,074 2819 2018 Independent Auto Inc. Balance Sheet (see) December 31 2020 Assets Current assets $ 35, 236 Non-strategic investments B Plant and equipment, net 65,600 Total assets $100,836 Tabilities and Equity Current liabilities $ 14,790 Common shares 59,309 Retained earnings 26,746 Total liabilities and equity $100,836 $27,847 610 69,800 $98, 257 $36,754 3,254 42,500 $82,508 $14,622 59,300 24,395 $98, 257 $14,236 44,600 23 622 $82,508 Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) Current ratios to 1 December 31, 2020 December 31, 2019 December 31, 2018 to 1 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 2020 2019 2018 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 3. Express the balance sheet data in trend percentages with 2018 as the base year. (Round your final percentage answers to 2 decimal places.) INDEPENDENT AUTO INC Balance Sheet Dato in Trend Percentages (in %) December 31, 2020. 2019, and 2018 2020 2019 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