Problem 13-2A 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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 388,803 $ 297,855 $ 206,700 Cost of goods sold 234,059 187,351 132,288 Gross profit 154,744 110,504 74,412 Selling expenses 55,210 41,104 27,284 Administrative expenses 34,992 26,211 17,156 Total expenses 90,202 67,315 44,440 Income before taxes 64,542 43, 189 29,972 Income tax expense 12,005 8,854 6,084 Net income $ 52,537 $ 34,335 $ 23,888 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 59,436 $ 39,781 Long-term investments 1,100 Plant assets, net 107,052 97,419 Total assets $ 166,488 $ 138,300 Liabilities and Equity Current liabilities $ 24,307 $ 20,607 Common stock 73,000 73,000 Other paid-in capital 9,125 9,125 Retained earnings 60,056 35,568 Total liabilities and equity $ 166,488 $ 138,300 $ 53,178 4,210 57,194 $ 114,582 $ 20,052 55,000 6,111 33,419 $ 114,582 Problem 13-2A Part 3 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 % 74.81 % 100.00 % Long-term investments 0.00 15.97 100.00 Plant assets, net 100.00 157.09 124.30% 167.85 120.701 % Total assets 100.00 % Liabilities and Equity Current liabilities 103.70 % 102.771 % 100.00 % Common stock 133.33 133.33 100.00 Other paid-in capital 150.00 150.00 100.00 Retained earnings 115.72 103.04 100.00 Total liabilities and equity 124.30 % 120.70 % 100.00 %