Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 2019 2018 Sales $ 402, 534 $308, 374 $ 214,000 Cost of goods sold 242,325 195,817 136,960 Gross profit 160,209 112,557 77,040 Selling expenses 57, 160 42,556 28,248 Administrative expenses 36, 228 27,137 17,762 Total expenses 93,388 69,693 46,010 Income before taxes 66,821 42,864 31,030 Income tax expense 12,429 8,787 6,299 Net income $ 54,392 $ 34,077 $ 24,731 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 2018 Assets Current assets $ 61,741 $ 41,324 $ 55, 240 Long-term investments 1,200 4,820 Plant assets, net 114,663 104,014 61,347 Total assets $ 176,404 $ 146,538 $ 121,407 Liabilities and Equity Current liabilities $ 25,755 $ 21,834 $ 21, 246 Common stock 69,000 69,000 51,000 Other paid-in capital 8,625 8,625 5,667 Retained earnings 73,024 47,079 43,494 Total liabilities and equity $176,404 $146,538 $121, 407 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: 1 Choose Denominator: Current ratio Current ratio / 11 2020 / = 2019 0 to 1 0 to 1 1 2018 / II 0 to 1 2. Complete the below table to calculate income statement data in common-size percents (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 2019 2018 % Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Not income % % 3. Complete the below table to calculate the balance sheet data in trend percents with 2018 as base year. (Round you percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2020, 2019 and 2018 2020 2019 2018 % % 100.00% Assets Current assets Long-term investments Plant assets, net 100.00 100.00 % 99 100.00 % Total assets Liabilities and Equity Current liabilities % 100.00 % 100.00 100.00 Common stock Other paid in capital Retained earnings Total liabilities and equity 100.00 % % 100.00 % 4. Refer to the results from parts 1, 2, and 3 (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? Yes No (b) Did income as a percent of sales improve in the most recent year compared to the prior year? Yes No c) Did plant assets grow over this period? Yes No