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[The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 448,054 $ 343, 246 $ 238,200 Cost of goods sold 269,729 214,872 152,448 Gross profit 178,325 128, 374 85,752 Selling expenses 63,624 47,368 31,442 Administrative expenses 40,325 30,206 19,771 Total expenses 103,949 77,574 51,213 Income before taxes 74,376 50,800 34,539 Income tax expense 13,834 10,414 7,011 Net income $ 60,542 $ 40,386 $ 27,528 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 62,483 Long-term investments 0 Plant assets, net 117,843 Total assets $ 180, 326 Liabilities and Equity Current liabilities $ 26, 328 Common stock 72,000 Other paid-in capital 9,000 Retained earnings 72,998 Total liabilities and equity $ 180, 326 $ 41,820 600 107,376 $ 149,796 $ 55,904 4,810 63,392 $ 124, 106 $ 22,320 72,000 9,000 46,476 $ 149,796 $ 21,719 54,000 6,000 42,387 $ 124, 106 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator: II 1 1 / = 2019 2018 Current ratio Current ratio 0 to 1 0 to 1 0 to 1 / 2017 1 11 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 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 100.00 100.00 % Total assets % % % 100.00 % 100.00 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 100.00 % % 100.00 % 4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year? Yes O No (b) Did income as a percent of sales improve in the most recent year? O Yes O No (c) Did plant assets grow over this period? 0 Yes O No