Required information 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, 2017, 2016, and 2015 2017 2016 2015 Sales $ 500, 158 $ 383,162 $ 265,900 Cost of goods sold 301,095 240,626 170, 176 Gross profit 199,063 142,536 95,724 Selling expenses 71,022 52,876 35,099 Administrative expenses 45, 01433, 71822,070 Total expenses 116,036 86,594 5 7, 169 Income before taxes 83,027 55,942 Income taxes 15,443 11,468 Net income $ 67,584 $ 44,474 $ 30,728 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 Assets Current assets $ 48,421 $ 37,884 Long-term investments @ 800 Plant assets, net 88,556 94,326 Total assets $ 136,977 $ 133, 010 Liabilities and Equity Current liabilities $ 19,999 $ 19,818 Common stock 66,080 66,000 Other paid-in capital 8,250 8,250 $ 50,642 4,340 55,217 $ 110,199 $ 19,285 48,000 5,333