Saved 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, 2021, 2020, and 2019 2021 2020 2019 Sales $ 564,300 $ 432,300 $ 300,000 Cost of goods sold 339,709 273,214 192,000 Gross profit 224,591 159,086 108,000 Selling expenses 80,131 59,657 39,600 Administrative expenses 50,787 38,042 24,900 Total expenses 130,918 97,699 64,500 Income before taxes 93,673 61,337 43,500 Income tax expense 17,423 12,354 8,831 Net income $ 76,250 $ 48,803 $ 34, 669 2019 KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 Assets Current assets $ 56,327 $ 37,700 Long-term investments 0 1,000 Plant assets, net 104,607 94,987 Total assets $ 160,934 $ 133,687 Liabilities and Equity Current liabilities $ 23,496 $ 19,919 Common stock 70,000 70,000 Other paid-in capital 8,750 8,750 Retained earnings 58,688 35,018 Total liabilities and equity $ 160,934 $ 133,687 $50, 396 3,780 56,584 $ 110,760 $ 19,383 52,000 5,778 33,599 $ 110,760 Total expenses Income before taxes Income tax expense Net income 130,918 93,673 17,423 $ 76,250 97,699 61,387 12,584 $ 48,803 64,500 43,500 8,831 $ 34,669 2019 KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 Assets Current assets $ 56,327 $ 37,700 Long-term investments 0 1,000 Plant assets, net 104,607 94,987 Total assets $ 160,934 $ 133,687 Liabilities and Equity Current liabilities $ 23,496 $ 19,919 Common stock 70,000 70,000 Other paid-in capital 8,750 8,750 Retained earnings 58,688 25,018 Total liabilities and equity $ 160,934 $ 133,687 50, 396 3,780 56,584 $ 110,760 $ 19,383 52,000 5,778 33,599 $ 110,760 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Denominator: Numerator: 1 Current ratio Current ratio to 1 2021 / 1 2020 1 to 1 2019 / 11 to 1