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. Required: 1. Complete the below table to calculate each year's current ratio. Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 \begin{tabular}{lrrr} & 2020 & 2019 & 2018 \\ Sales & $540,788 & $414,288 & $287,500 \\ Cost of goods sold & 325,554 & 262,659 & 184,000 \\ Gross profit & 215,234 & 151,629 & 103,500 \\ Selling expenses & 76,792 & 57,172 & 37,950 \\ Administrative expenses & 48,671 & 36,457 & 23,863 \\ \hline Total expenses & 125,463 & 93,629 & 61,813 \\ \hline Income before taxes & 89,771 & 58,000 & 41,687 \\ Income tax expense & 16,697 & 11,890 & 8,462 \\ \hline Net income & $73,074 & $46,110 & $33,225 \\ \hline \hline \end{tabular} KORBIN COMPANY Comparative Balance Sheets December 31,2020,2019, and 2018 \begin{tabular}{lrrrr} & 2020 & 2019 & 2018 \\ Assets & & & \\ Current assets & 60,233 & $40,314 & $53,890 \\ Long-term investments & 0 & 800 & 4,910 \\ Plant assets, net & 115,372 & 104,760 & 62,057 \\ Total assets & $175,605 & $145,874 & $120,857 \\ Liabilities and Equity & & & \\ Current liabilities & $25,638 & $21,735 & $21,150 \\ Common stock & 69,000 & 69,000 & 51,000 \\ Other paid-in capital & 8,625 & 8,625 & 5,667 \\ Retained earnings & 72,342 & 46,514 & 43,040 \\ \hline Total liabilities and equity & $175,605 & $145,874 & $120,857 \end{tabular} KORBIN COMPANY Common-Size Comparative Income Statements KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2020, 2019 and 2018 2020 2019 2018 Assets Current assets Long-term investments Plant assets, net Total assets \begin{tabular}{|l|l|l|l|l|l|} \hline & % & & % & 100.00 & % \\ \hline & & & & 100.00 & \\ \hline & & & 100.00 & \\ \hline & % & % & 100.00 & % \\ \hline \end{tabular} Liabilities and Equity Current liabilities . Common stock Other paid-in capital Retained earnings Total liabilities and equity