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, 2018, 2017, and 2016 2018 2017 2016 Sales $ 424,918 $325,522 $225,900 Cost of goods sold 255,801 205,404 144,576 Gross profit 169, 117 120,118 81,324 Selling expenses 60,338 44,922 29,819 Administrative expenses 38,243 28,646 18,750 Total expenses 98,581 73,568 48,569 Income before taxes 70,536 46,550 32,755 Income tax expense 13, 120 9,543 6,649 Net income $ 57,416 $ 37,007 $ 26,106 2016 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017, and 2016 2018 2017 Assets Current assets $ 48,011 $ 37,563 Long-term investments 0 1,000 Plant assets, net 89,16394,638 Total assets $ 137, 174 $133,201 Liabilities and Equity Current liabilities $ 20,027 $ 19,847 Common stock 70,000 70,000 Other paid-in capital 8,750 8,750 Retained earnings 38, 397 34,604 Total liabilities and equity $ 137, 174 $133,201 $ 50,212 4,750 55, 395 $110,357 $ 19, 312 52,000 5,778 33, 267 $110,357 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 17 and 2010 2016 100.00% KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 Sales 100.00% 100.00 % Cost of goods sold | Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 3. Complete the below table to calculate the balance sheet data in trend percents with 2016 as the base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2018, 2017 and 2016 2018 2017 2016 100.00 100.00 100.00 100.00 % 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 100.00 100.00 100.00 100.00 100.00%