Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets 2020 $ 520,661 $ 398,869 313,438 250,889 Liabilities and Equity Current liabilities Common stock Other paid-in capital 207,223 73,934 46,859 120,793 86,430 16,076 $ 70,354 $ 45,980 NORBON COMPANY Comparave Balance Sheets December 31 2021 $ 55,419 0 147,980 55,044 35, 100 90,144 57,836 11,856 $ 23,351 72,000 9.000 2 2019 $ 276,800 177,152 99,648 36,538 22,974 59,512 40,136 8,148 $ 31,988 $ 37,092 1,100 94,667 104,519 $ 159,938 $ 132,859 $ 19,796 72,000 9,000 $ 49,583 3,750 56,741 $ 110,074 $ 19,263 54,000 6.000 Homework Ch 13 (Late penalty applies) i 10 Part 2 of 4 2 points eBook Ask References Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 16,076 $70,354 KORBIN COMPANY Comparative Balance Sheets December 31 Common stock Other paid-in capital Retained earnings Saved 2021 11,856 $ 45,980 2020 $ 37,092 $ 55,419 0 104,519 1,100 94,667 $ 159,938 $ 132,859 8,148 $ 31,988 $ 19,796 72,000 9,000 32,063 $ 23,351 72,000 9,000 55,587 Total liabilities and equity $ 159,938 $ 132,859 $ 110,074 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 $ 49,583 3,750 56,741 $ 110,074 $ 19,263 54,000 6,000 30,811 Problem 13-2A (Algo) Part 2 2. Complete the below table to calculate income statement ca in common-size percents. Note: Round your percentage answers to 2 decimal places. 2019 He 14 ces Required information 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 520,661.00 % 398,869.00 % 60.20 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 520,600.80 73,934.00 46,859.00 120,793.00 86,430,00 16,076.00 70,354.00 % 2019 % % 121 14 ces Required information 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 520,661.00 % 398,869.00 % 60.20 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 520,600.80 73,934.00 46,859.00 120,793.00 86, 30.00 16,076.00 70,354.00 % 2019 % % 121