KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $437,333 $335,033 $232,500 211,071 123,962 46,235 Cost of goods sold 263,274 148,800 83,700 30,690 Gross profit Selling expenses Administrative 174,059 62,101 29,483 19,298 39,360 expenses Total expenses 101,461 75,718 49,988 Income before taxes Income tax expense 72,598 48,244 33,712 13,503 $ 59,095 $ 38,354 $ 26,868 9,890 6,844 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets Long-term investments Plant assets, net $ 57,902 $ 38,754 $ 51,805 3,970 60,406 700 110,909 100,776 Total assets $168,811 $140,230 $16,181 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 24,646 $ 20,894 $ 20,332 64,000 8,000 47,336 64,000 8,000 72,165 46,000 5,111 44,738 Total liabilities and $168,811 $140,230 $116,181 equity Problem 13-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: Current Choose Denominator: ratio Current ratio O to 1 O to 1 2019 O to o to 1 2018 2017 %3D