KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Sales Cost of goods sold Gross profit Selling expenses $396,515 $303,763 $210,800 238,702 191,978 134,912 75, 888 56,30541,919 27,826 17,496 157,813 111,785 Administrative expenses 35,686 26,731 91,99105 Total expenses -68,65045,322 Income before taxes Income tax expense Net income 65, 82243,135 30,566 6,205 24,361 12,243 8,843610 53,579 $ 34,292 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017, and 2016 2018 2017 2016 Assets Current assets Long-term investments Plant assets, net Total assets $53,070 41,520 $ 55,503 3,690 64,024 $153,159 $148,723 $123,217 500 100,089 106, 703 Liabilities and Equity Current liabilities Common stochk Other paid-in capital Retained earnings $ 22,361 22,160 21,563 53,000 5, 889 42,765 71,000 8,875 50,923 71,000 8,875 46,688 Total liabilities and equity $153,159 $148,723 $123,217 Problem 13-2A Part 2 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, 2018, 2017, and 2016 2017 100.00 % 2018 2016 100.00 % 100.00% Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income