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 $ 508,811 $ 389,791 $ 270,500 Cost of goods sold 306, 304 247,517 173, 120 Gross profit 202,507 142,274 97,380 Selling expenses 72,251 53,791 35,706 Administrative expenses 45,793 34,302 22,452 Total expenses 118, 044 88,093 58,158 Income before taxes 84,463 54,181 39,222 Income tax expense 15,710 11,107 7,962 Net income $ 68,753 $ 43,074 $ 31,260 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 58,693 Long-term investments Plant assets, net 109,001 Total assets $ 167,694 Liabilities and Equity Current liabilities $ 24,483 Common stock 70,000 Other paid in capital 8,750 Retained earnings 64,461 Total liabilities and equity $ 167, 694 $ 39,283 700 99,319 $ 139,302 $ 52,512 4,560 58,340 $ 115,412 $ 20,756 70,000 8,750 39,796 $ 139,302 $ 20,197 52,000 5,778 37,437 $ 115,412 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator: ! / 2019 2018 2017 Current ratio Current ratio to 1 to 1 to 1 1 / 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 % % % 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 2017 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 % % 100.00 % 100.00 100.00 100.00 % % % Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity % % 100.00 % 100.00 100.00 100.00 100.00 % % %