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, 2020, 2019, and 2018 2020 2019 2018 Sales $ 402, 722 $ 308,518 $ 214,100 Cost of goods sold 242, 439 194,983 137,024 Gross profit 160, 283 113,535 77,076 Selling expenses 57, 187 42,575 28,261 Administrative expenses 36,245 27,150 17,770 Total expenses 93,432 69,725 46,031 Income before taxes 66,851 43,810 31,045 Income tax expense 12,434 8,981 6, 302 Net income $ 54, 417 $ 34,829 $ 24,743 2018 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 Assets Current assets $ 59,839 $ 40,050 Long-term investments 0 400 Plant assets, net 112,856 103,007 Total assets $ 172,695 $ 143,457 Liabilities and Equity Current liabilities $ 25,213 $ 21,375 Common stock 69,000 69,000 Other paid-in capital 8,625 8,625 Retained earnings 69,857 44,457 Total liabilities and equity $ 172,695 $ 143,457 $ 53,538 4,930 60,386 $ 118,854 $ 20,799 51,000 5,667 41,388 $ 118,854 2. Complete the below table to calculate income statement data in common-size percents. (Round yo decimal places.) KORBIN COMPANY 2018 % Common-Size Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 2019 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 2018 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2020, 2019 and 2018 2020 2019 2018 100.00 100.00 500.00 100.00 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common Stock Other paid in capit Retained emings Totallabies and equity 100 00 100.00 100.00 100.00 100,00