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 $ 589,751 $ 390, 511 $ 271,080 Cost of goods sold 386,878 246,022 173,440 Gross profit 292,881 144,489 97,568 Selling expenses 72, 385 53,891 35,772 Administrative expenses 45,878 34, 365 22,493 Total expenses 118,263 88,256 58,265 Income before taxes 84,618 56,233 39,295 Income tax expense 15,739 11,528 7,977 Net income $ 68,879 $ 44,705 $ 31,318 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 60,874 $ 40,743 Long-term investments 669 Plant assets, net 111,330 101,786 Total assets $ 172,284 $ 143,649 Liabilities and Equity Current liabilities $ 25,142 $ 21, 314 Common stock 68,089 68,000 Other paid-in capital 8,508 8,500 Retained earnings 70,562 45, 235 Total liabilities and equity $ 172,284 $ 143,649 $ 54,464 3,950 60, 102 $ 118,516 $ 20,740 50,000 5,556 42,220 $ 118,516 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 100.00 % 1 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00 % 100.00 % Cost of goods sold 60.20 1 63.00 1 Gross profit 39.80 37.00 Selling expenses 14.20 1 13.80 1 Administrative expenses 9.00 1 8.80 1 Total expenses 23.20 22.00 Income before taxes 16.60 1 14.40 1 Income tax expense 3.09 1 2.95 1 Net income 13.51 % 11.45 % 64.00 36.00 13.20 1 8.30 1 21.50 1 14.50 2.94 1 11.56 %