Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [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 2021 Sales Cost of goods sold Gross profit Selling expenses Total expenses Administrative expenses Income before taxes: Income tax expense Net income 2020 $ 470,250 283,0911 $ 360,250 2019. $ 250,000 226,597 160,000 187,159 133,653 90,000 66,776 49,715 33,000 42,323 31,702 20,750 109,099 81,417 53,750 78,060 52,236 36,250 14,519 10,708 7,359 $ 63,541 $ 41,528 $ 28,891 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets. Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings: December 31 2021 $ 62,850 0 113,200 $176,050 $ 25,703 71,000 8,875 70,472 2020 $ 42,066 1,200 102,978 $146,244 $ 21,790 71,000 8,875 44,579 2019 $ 56,232 3,710 61,221 $121,163 $ 21,204 53,000 5,889 41,070 4