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 $ 395,762 $ 303,186 $ 210,400 Cost of goods sold 238, 249 190,704 134,656 Gross profit 157,513 112,482 75,744 Selling expenses 56,198 41,840 27,773 Administrative expenses 35,619 26,680 17,463 Total expenses 91,817 68,520 45,236 Income before taxes 65,696 43,962 30,508 Income tax expense 12,219 9,012 6,193 Net income $ 53,477 $ 34,950 $ 24, 315 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 54,507 Long-term investments Plant assets, net 98,174 Total assets 152,681 Liabilities and Equity Current liabilities $ 22,291 Common stock 68,000 Other paid-in capital 8,500 Retained earnings 53,890 Total liabilities and equity $ 152,681 $ 36,482 900 89,450 $ 126,832 $ 48,768 4,790 51,522 $ 105,080 $ 18,898 68,000 8,500 31,434 $ 126,832 $ 18,389 50,000 5,556 31,135 $ 105,080 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator: 2019 2018 2017 Current ratio Current ratio 0 to 1 0 to 1 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, 2019, 2018, and 2017 2019 2018 2017 % % Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % 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 % 100.00 100.00 100.00 % % % Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity % % 100.00 % 100.00 100.00 100.00 100.00 % % %