Part 1 of 4 Required information The following information applies to the questions displayed below. Selected comparative financial statements of Korbin Company follow. 25 points 8 045206 Skipped KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 437,333 $ 335,033 $ 232,500 Cost of goods sold 263, 274 212,411 148,800 Gross profit 174,959 122,622 83,780 Selling expenses 62, 101 46,235 30,690 Administrative expenses 39,36 29,483 19,298 Total expenses 101,461 75,718 49,988 Income before taxes 72,598 46,984 33,712 Income tax expense 13,503 9,615 6,844 Net income $ 59,095 $ 37,289 $ 26,868 eBook Print o 2018 2017 References KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 56,723 Long-term investments @ Plant assets, net 103,738 Total assets $ 168,461 Liabilities and Equity Current liabilities $ 23,427 Common stock 65,800 Other paid-in capital 8,125 Retained earnings 63,909 Total liabilities and equity $ 160,461 $ 37,965 800 94.529 $ 133,294 $ 50,750 3,160 56 524 $ 119,434 $ 195861 65,000 8,125 40 308 $ 133,294 $ 19, 326 47,600 5,222 38,886 $ 110,434 Current 3 04:51:56 Common stock Other paid in capital Retained earnings Total liabilities and equity 65,000 8,125 63.989 $ 160,461 65,000 8,125 40,308 $ 133,294 47,000 5,222 38,886 $ 110, 434 Skipped eBook 2. Complete the below table to calculate income statement data in common-size percents, (Round your perce decimal places.) Print eferences 2017 KORBIN COMPANY Common Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 201 2018 Sales % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net Income % % CO 2 3 w