Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 2019 $ 410,434 $ 314,426 2018 $ 218,200 Cost of goods sold 247,081 196,831 139,648 Gross profit 163,353 117,595 78,552 Selling expenses 58,282 43,391 28,802 Administrative expenses 36,939 27,669 18,111 Total expenses 95,221 71,060 46,913 Income before taxes 68,132 46,535 31,639 Income tax expense Net income 12,673 9,540 6,423 $ 55,459 $ 36,995 $ 25,216 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 2018 Assets Long-term investments Total assets Current liabilities. Current assets Plant assets, net Liabilities and Equity Common stock $ 59,984 0 $ 40,148 600 $ 53,668 4,000 108,039 $ 168,023 98,828 $ 139,576 $ 115,639 57,971 Other paid-in capital Retained earnings $ 24,531 63,000 7,875 72,617 $ 20,797 $ 20,237 63,000 45,000 7,875 5,000 47,904 45,402 Total liabilities and equity $ 168,023 $ 139,576 $ 115,639 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2020 100.00 % % 2019 100.00% 2018 100.00% 90 % %