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 $ 545, 114 $ 417,602 $289,800 Cost of goods sold 328, 159 261,836 185,472 Gross profit 216,955 155,766 104,328 Selling expenses 77,406 57,629 38,254 Administrative expenses 49,060 36, 749 24,053 Total expenses 126,466 94,378 62,307 Income before taxes 90,489 61,388 42,021 Income tax expense 16,831 12,584 8,530 Net income $ 73,658 $ 48,804 $ 33, 491 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 53,603 $ 35, 877 $ 47,959 Long-term investments 800 4,740 plant assets, net 101,096 91,831 53, 770 Total assets $ 154,699 $128,508 $ 106,469 Liabilities and Equity Current liabilities $ 22,586 $ 19, 148 $ 18,632 Common stock 67,000 67,000 49,000 Other paid-in capital 8,375 8,375 5,444 Retained earnings 56,738 33,985 33,393 Total liabilities and equity $ 154,699 $ 128,508 $ 106,469 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: Choose Denominator: 11 Current ratio 11 Current ratio 7 17 2019 11 to 1 10 2018 2017 to 1 to 1 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 % % % KORBIN COMPANY Balance Sheet Data In Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets Current assets % % 100.00 % 100.00 100.00 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities % % 100.00 % % % 100.00 % 100.00 100.00 Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 100.00 % % %