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 $ 486,991 $ 373, 075 S 258,900 Cost of goods sold 293, 169 235,410 165,696 Gross profit 193,822 137,665 93, 2e4 Selling expenses 69,153 51,484 34,175 Administrative expenses 43.829 32,831 21.489 Total expenses 112,982 84, 315 55,664 Income before taxes 80,840 53, 350 37,540 Income tax expense 15.036 10,937 7,621 Net income $ 65, 804 $ 42,413 $ 29,919 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 62,289 Long-term investments Plant assets, net 112, 189 Total assets $ 174,478 Liabilities and Equity Current liabilities $ 25,474 Comon stock 73, een Other paid-in capital 9,125 Retained earnings 66.879 Total liabilities and equity $ 174,478 $ 41,690 6eo 102,648 $ 144,938 $ 55,730 4,660 59.691 $ 120,081 $ 21,596 73, eee 9,125 41,217 $ 144,938 $ 21,014 55, eee 6, 111 37,956 $ 120,081 2. Complete the below table to calculate income statement data in common-size percents. (R decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 96 96 96 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 96 96 96