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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 $ 554,707 $ 424,951 $ 294,900
Cost of goods sold 333,934 267,719 188,736
Gross profit 220,773 157,232 106,164
Selling expenses 78,768 58,643 38,927
Administrative expenses 49,924 37,396 24,477
Total expenses 128,692 96,039 63,404
Income before taxes 92,081 61,193 42,760
Income tax expense 17,127 12,545 8,680
Net income $ 74,954 $ 48,648 $ 34,080

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
2019 2018 2017
Assets
Current assets $ 54,663 $ 36,586 $ 48,907
Long-term investments 0 400 3,480
Plant assets, net 103,094 94,062 56,186
Total assets $ 157,757 $ 131,048 $ 108,573
Liabilities and Equity
Current liabilities $ 23,033 $ 19,526 $ 19,000
Common stock 71,000 71,000 53,000
Other paid-in capital 8,875 8,875 5,889
Retained earnings 54,849 31,647 30,684
Total liabilities and equity $ 157,757 $ 131,048 $ 108,573

Required: 1. Complete the below table to calculate each year's current ratio.

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