Required information [The following information applies to the questions displayed below.) 6 Selected comparative financial statements of Korbin Company follow. Part 1 of 3 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 Sales $ 426,235 $ 326,531 $ 226,600 Cost of goods sold 256,593 206,694 145,024 Gross profit 169, 642 119,837 81,576 Selling expenses 60,525 45,061 29,911 Administrative expenses 38, 361 28,735 18,808 Total expenses 98,886 73,796 48,719 Income before taxes 70, 756 46,041 32,857 Income tax expense 13,161 9,438 6,670 Net income $ 57,595 $ 36,603 $ 26,187 00:58:49 Skipped 2019 KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 Assets Current assets $ 57,020 $ 38,164 Long-term investments 0 500 Plant assets, net 107,541 98,036 Total assets $ 164,561 $ 136,700 --L!!!-- $ 51,016 4,910 57,330 $ 113,256 2021 2020 2019 $ 57,020 107,541 $ 164,561 $ 38,164 500 98,036 $ 136,700 $ 51,016 4,910 57,330 $ 113,256 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 $ 24,026 70,000 8,750 61,785 $ 164,561 $ 20,368 70,000 8,750 37,582 $ 136,700 $ 19,820 52,000 5,778 35,658 $ 113,256 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Numerator: Denominator: = = Current ratio Current ratio oto 1 0 to 1 2021 1 = 2020 1 = 2019 1 = 0 to 1 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 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, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 100.00 Other paid-in capital Retained earnings Total liabilities and equity 100.00 % % 100.00 %