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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

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 $ 524,047 $ 401,463 $ 278,600
Cost of goods sold 315,476 254,528 178,304
Gross profit 208,571 146,935 100,296
Selling expenses 74,415 55,402 36,775
Administrative expenses 47,164 35,329 23,124
Total expenses 121,579 90,731 59,899
Income before taxes 86,992 56,204 40,397
Income tax expense 16,181 11,522 8,201
Net income $ 70,811 $ 44,682 $ 32,196

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
2019 2018 2017
Assets
Current assets $ 54,408 $ 36,415 $ 48,678
Long-term investments 0 900 4,020
Plant assets, net 104,215 94,452 56,471
Total assets $ 158,623 $ 131,767 $ 109,169
Liabilities and Equity
Current liabilities $ 23,159 $ 19,633 $ 19,105
Common stock 70,000 70,000 52,000
Other paid-in capital 8,750 8,750 5,778
Retained earnings 56,714 33,384 32,286
Total liabilities and equity $ 158,623 $ 131,767 $ 109,169

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.)

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