Problem 17-2A (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 2020 2019 Sales $ 410,999 $ 314,859 $ 218,500 Cost of goods sold 247,421 199,621 139,840 Gross profit 163,578 115,238 78,660 Selling expenses 58,362 43,451 28,842 Administrative expenses 36,990 27,708 18,136 Total expenses 95,352 71,159 46,978 Income before taxes 68,226 44,079 31,682 Income tax expense 12,690 9,036 6,431 Net income $ 55,536 $ 35,043 $ 25,251 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets $ 171,535 $ 142,494 Current liabilities Liabilities and Equity Common stock $ 25,044 $ 21,232 67,000 Other paid-in capital Retained earnings 2021 $ 59,437 0 112,098 67,000 8,375 71,116 2020 $ 39,781 400 102,313 2019 $ 53,178 4,920 59,958 $ 118,056 $ 20,660 49,000 5,444 42,952 8,375 45,887 Total liabilities and equity $ 171,535 $ 142,494 $ 118,056 Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 100.00% 2020 100.00% 2019 100.00% % % %