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 2016 Sales $514,077 $393,825 $273,300 Cost of goods sold 309.474 247,716 174,912 Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense15,873 11,706 Net income 98,388 72,999 54,348 36,076 46,26734,657 22,684 119,266 89,005 58,760 85,33757,104 39,628 8,044 69,464 45,398 31,584 204,603 146,109 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017, and 2016 2018 2017 2016 Assets Current assets Long-term investments Plant assets, net 52,402 $ 40,998 54,805 4,030 59,253 1,100 94,381 100,434 $146,783 $142,532 $118,088 Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 21,430 21,237 $ 20,665 72,000 72, 000 54,000 6,000 9,000 9,000 44,353 Total liabilities and $146,783 39353 40,29537,423 $142,532 $118,088 equity 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage nswers to 2 decimal places.) KORBIN COMPAN Common-Size Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2016 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income