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 $ 467, 240 $ 357,944 $ 248,400 Cost of goods sold 281,278 224,431 158,976 Gross profit 185,962 133,513 89,424 Selling expenses 66,348 49, 396 32,789 Administrative expenses 42,052 31,499 20,617 Total expenses 108,400 80,895 53,406 Income before taxes 77,562 52,618 36,018 Income tax expense 14,427 10,787 7,312 Net income $ 63,135 $ 41,831 $ 28,706 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 63,152 Long-term investments Plant assets, net 115,497 Total assets $ 178,649 Liabilities and Equity Current liabilities $ 26,083 Common stock 70,000 Other paid-in capital 8,750 Retained earnings 73,816 Total liabilities and equity $ 178,649 $ 42,268 600 105,535 $ 148,483 56,503 4,060 62,389 $ 122,952 $ 22,112 70,000 8,750 47,541 $ 148, 403 $ 21,517 52,000 5,778 43,657 $ 122,952 2. Complete the below table to calculate income statement data in common-size percents. (Round your decimal places.) omework i Total expenses Income before taxes Income tax expense Net income 100,00 77,562 14,427 $ 63,135 0,092 52,618 10,787 $ 41,831 33,400 36,818 7,312 $ 28,786 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 63,152 $ 42,268 Long-term investments 600 Plant assets, net 115,497 105,535 Total assets $ 178,649 $ 148,403 Liabilities and Equity Current liabilities $ 26,083 $22,112 Common stock 78,888 70,000 Other paid-in capital 8,750 8,250 Retained earnings 23,816 47,541 Total liabilities and equity $ 178,649 $ 148,403 $ 56,503 4,860 62,389 $ 122,952 $ 21,517 52,000 5,778 43,657 $ 122,952 2. Complete the below table to calculate income statement data in common-size percents. 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 % % %