KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 484,358 $ 371,058 $257,500 Cost of goods sold 291,584 233,024 164,800 Gross profit 192,774 138,034 92,700 Selling expenses 68,779 51,206 33,990 Administrative expenses 43,592 32,653 21,373 Total expenses 112,371 83,859 55, 363 Income before taxes 80,403 54, 175 37,337 Income tax expense 14,955 11, 106 7,579 Net income $ 65,448 $ 43,069 $ 29,758 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 62,562 $ 41,873 Long-term investments 0 600 Plant assets, net 116, 188 106,013 Total assets $ 178, 750 $ 148,486 Liabilities and Equity Current liabilities $ 26,098 $ 22,124 Common stock 71,000 71,000 Other paid-in capital 8,875 8,875 Retained earnings 72,777 46,487 Total liabilities and equity $ 178,750 $ 148,486 $ 55,975 3,360 63,686 $ 123,021 $ 21,529 53,000 5,889 42,603 $ 123,021 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 % % % 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 100.00 100.00 Retained earnings Total liabilities and equity % % 100.00 %