Required Informatlon Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 The following information applies to the questions displayed below. Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Conparative Income Statenents For Years Ended December 31, 2017, 2016, and 2015 2817 2816 2815 $405,920 310,968 $ 215,800 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 244, 364 161,556 57,641 195,910 115,058 42,914 27,365 78,279 44,779 12,5339,1806,352 138,112 77,688 28,486 94,174 67,382 46,397 31,291 S 54,849 35,599 24,939 KORBIN COMPANY Comparative Balance Sheets December 31, 2817, 2816, and 2015 2017 2816 2815 Assets Current assets Long-term investrents Plant assets, net Total assets $ 46,923 36,711 49,874 3,940 57,043 $ 136,801 132,839 110,057 500 89,878 95.02 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total iabilities and equity $ 19,973 19,793 73,888 9,125 73,880 9,125 34,783 19,268 55,808 6,111 $ 136,881 132,839 110,857