Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 505,989 $ 387,629 $ 269,000 Cost of goods sold 304,605 244,982 172,160 Gross profit 201,384 142,647 96,840 Selling expenses 71,850 53,493 35,508 Administrative expenses 45,539 34,111 22,327 Total expenses 117,389 87,604 57,835 Income before taxes 83,995 55,043 39,005 Income tax expense 15,623 11,284 7,918 Net income $ 68,372 $ 43,759 $ 31,087 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 57,172 $ 38,265 $ 51,152 Long-term investments 800 4,400 Plant assets, net 106,176 96,627 56,869 Total assets $ 163,348 $ 135,692 $ 112,421 Liabilities and Equity Current liabilities $ 23,849 $ 20,218 $ 19,674 Common stock 70,000 70,000 52,000 other paid-in capital 8,750 8,750 5,778 Retained earnings 60,749 36,724 34,969 Total liabilities and equity $ 163,348 $ 135,692 $ 112,421 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 100.00 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00 100 001 Cost of goods sold Gross profit Soling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Problem 17-2A Part 3 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 100.00 100 00 100 00 10000 Assets Current assets Long term investments Plant assets net Total assets Liabilities and Equity Current liabilities Common stock Other paid in capital Retained earnings Totallabies and equity 90 100 000 100.00 10000 100 00 10000% % Problem 17-2A Part 4 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? O Yes O No (b) Did income as a percent of sales improve in the most recent year? O Yes O No (c) Did plant assets grow over this period? O Yes O No