Required information [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 $ 524,611 $ 401,895 $ 278,900 Cost of goods sold 315,816 251,184 178,496 Gross profit 208,795 150,711 100,404 Selling expenses 74,495 55,462 36,815 Administrative expenses 47, 215 35, 367 23,149 Total expenses 121,710 90,829 59,964 Income before taxes 87,085 59,882 40, 440 Income tax expense 16,198 12,276 8, 209 Net income $ 70,887 $ 47,606 $ 32,231 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 55, 768 $ 37, 326 Long-term investments 0 500 Plant assets, net 105,179 95,872 Total assets $ 160,947 $ 133,698 Liabilities and Equity Current liabilities $ 23,498 $ 19,921 Common stock 66,000 66,000 Other paid-in capital 8,250 8,250 Retained earnings 63,199 39,527 Total liabilities and equity $ 160,947 $ 133,698 $ 49,896 4,530 56, 343 $ 110,769 $ 19,385 48,000 5,333 38,051 $ 110,769 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) X Answer is complete but not entirely correct. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales 524,611.00 X % 401,895.00 X % Cost of goods sold 251,184.00 X 316,816.00 X 207,795.00 Gross profit 150,711.00 74,495.00 X 55,462.00 X Selling expenses Administrative expenses 278,900.00 X % 178,496.00 X 100,404.00 36,815.00 X 23,149.00 59,964.00 40,440.00 X 47,215.00 35,367.00 X Total expenses 121,710.00 90,829.00 Income before taxes 87,085.00 X 59,882.00 X Income tax expense 16,198.00 X 12,276.00 X 8,209.00 x Net income 70,887.00 47,606.00 % 32,231.00 % 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 % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 100.00 Other paid-in capital Retained earnings 100.00 Total liabilities and equity % % 100.00 %