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 $ 438, 273 335,753 $ 233,000 Cost of goods sold 263,840 210,517 149, 120 Gross profit 174,433 125,236 83,880 Selling expenses 62,235 46,334 30,756 Administrative expenses 39,445 29,546 19,339 Total expenses 101,680 75,880 50,095 Income before taxes 72,753 49, 356 33,785 Income tax expense 13,532 10, 118 6,858 Net income $ 59, 221 $ 39,238 $ 26,927 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 61,608 Long-term investments Plant assets, net 116,193 Total assets $ 177,801 Liabilities and Equity Current liabilities $ 25,959 Common stock 72,000 Other paid-in capital 9,000 Retained earnings 70,842 Total liabilities and equity $ 177,801 $ 41,234 $ 55,121 500 3,170 105,964 64,077 $ 147,698 $ 122,368 $ 22,007 72,000 9,000 44,691 $ 147,698 $ 21,414 54,000 6,000 40,954 $ 122,368 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income