Problem 17-2A 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 $555, 000 $340,000 $278,000 Cost of goods sold 283,500 212, 500 153, 900 Gross profit 271,500 127,500 124, 100 Selling expenses 102, 900 46, 920 50, 800 Administrative expenses 50, 668 29, 920 22, 800 Total expenses 153, 568 76, 840 73,600 Income before taxes 117, 932 50, 660 50, 500 Income tax expense 40, 800 1 0, 370 - 15, 670 Net income $ 77,132 $ 40,290 $ 34, 830 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 52, 390 Long-term investments 0 Plant assets, net 100, 000 Total assets $152, 390 Liabilities and Equity Current liabilities $ 22, 800 Common stock 72,000 Other paid-in capital 9,000 Retained earnings 48, 590 Total liabilities and equity $152, 390 $ 37,924 $ 51, 748 5003 , 950 96,000 60,000 $134, 424 $115, 698 $ 19, 960 72,000 9,000 33, 464 $134, 424 $ 20,300 60,000 6,000 29, 398 $115, 698 Problem 17-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator: = 2019 2018 2017 Current ratio Current ratio 0 to 1 0 to 1 0 to 1 = = = 1 I es