Required information 1 (The following information applies to the questions displayed below. Selected comparative financial statements of Korbin Company follow. 15 points 2019 00:34:03 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2018 2017 Sales $515,018 $ 394,546 $273,800 Cost of goods sold 310,041 250,537 175, 232 Gross profit 204,977 144,009 98,568 Selling expenses 73,133 54,447 36, 142 Administrative expenses 46,352 34,720 22,725 Total expenses 119,485 89, 167 58,867 Income before taxes 85,492 54,842 39,701 Income tax expense 15,902 11,243 8,059 Net income $ 69,590 $ 43,599 $ 31,642 eBook KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 55, 261 $ 36,986 $ 49,442 Long-term investments 0 900 4,260 Plant assets, net 105,849 95,947 57,179 Total assets $ 161, 110 $ 133, 833 $110,881 Liabilities and Equity Current liabilities $ 23,522 $ 19,941 $ 19,404 Common stock 65,000 65,000 47,000 Other paid-in capital 8,125 8,125 5,222 Retained earnings 64,463 40,767 39, 255 Total liabilities and equity $ 161, 110 $ 133,833 $ 110,881 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 Common stock Other paid-in capital Retained earnings Total liabilities and equity 65,000 65,000 47,000 8,125 8,125 5,222 64,463 40,767 39,255 $ 161, 110 $ 133,833 $110,881 15 points 8 00:33:53 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) eBook 2017 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % %