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, 2018, 2017, and 2016 2018 2017 Sales $ 505,049 $ 386,909 Cost of goods sold 304, 039 243, 753 Gross profit 201, 010 143, 156 Selling expenses 71, 717 53,393 Administrative expenses 45, 454 34,048 Total expenses 117, 171 87 441 Income before taxes 83, 839 55, 715 Income tax expense 15,594 11. 422 Net income $ 68, 245 44, 293 2016 $ 268,500 171, 840 96, 660 35, 442 22, 286 57, 728 38, 932 7,903 $ 31, 029 $ 2017 2016 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017, and 2016 2018 Assets Current assets $ 49,209 Long-term investments 0 Plant assets, net 88, 631 Total assets $ 137, 840 Liabilities and Equity Current liabilities $ 20, 125 Common stock 68,000 Other paid-in capital 8,500 Retained earnings 41, 215 Total liabilities and equity 137, 840 $ 38,500 700 94, 648 $ 133, 848 $ 51, 465 3,700 55, 728 $ 110, 893 $ $ 19, 943 68,000 8,500 37, 405 $ 133, 848 19,406 50,000 5, 556 35,931 $ 110,893 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: - Choose Denominator: Current ratio 7 11 Current ratio 2018: 0 to 1 2017: 11 0 to 1 2016: = 0 to 1 2. Complete the below table to calculate income statement data in common-size percents. percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Sales % % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % 3. Complete the below table to calculate the balance sheet data in trend percents with 2016 as the (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2018, 2017 and 2016 2018 2017 2016 100.00 % 100.00 100.00 100.00 % % Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 % 100.00 100.00 100.00 100.00 % %