KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 433,006 $ 331,718 $ 230, 200 Cost of goods sold 260,670 208,982 147,328 Gross profit 172,336 122,736 82,872 Selling expenses 61,487 45,777 30,386 Administrative expenses 38,971 29,191 19,107 Total expenses 100,458 74,968 49,493 Income before taxes 71,878 47,768 33, 379 Income tax expense 13, 369 9,792 6,776 Net income $ 58,509 $ 37,976 $ 26,603 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 61,156 $ 40,932 Long-term investments 0 900 Plant assets, net 113,576 103, 317 Total assets $ 174,732 $ 145, 149 Liabilities and Equity Current liabilities $ 25,511 $ 21,627 Common stock 65,000 65,000 Other paid-in capital 8,125 8,125 Retained earnings 76,096 50,397 Total liabilities and equity $ 174,732 $ 145,149 $ 54,716 3,830 61,710 $ 120, 256 $ 21,045 47,000 5, 222 46,989 $ 120, 256 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 100.001% 100.00 % 100.001% 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 Assets Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity % % 100.00 %