The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($000) For Years Ended December 31 2020 Net sales $209,400 Cost of goods sold 125,284 Gross profit from sales $ 84,116 Selling expenses $ 29,587 Administrative expenses 18,951 Total operating expenses $ 48,538 Profit before taxes $ 35,578 Income taxes 6,753 Profit $ 28,825 2019 $192,600 119,550 $ 73,050 $ 26,605 26,975 $ 53, 580 $ 19,470 6,137 $ 13,333 2018 $167,400 106,278 $ 61,122 $ 22,136 13,849 $ 35,985 $ 25,137 5,203 $ 19,934 2019 2018 Independent Auto Inc. Balance Sheet ($000) December 31 2020 Assets Current assets $ 35,036 Non-strategic investments Plant and equipment, net 65,200 Total assets $100, 236 Liabilities and Equity Current liabilities $ 14,690 Common shares 58,900 Retained earnings 26,646 Total liabilities and equity $100,236 $27,647 570 69,400 $97,617 $36,554 3,154 42,100 $81,808 $14,522 58,900 24, 195 $97,617 $14,186 44,200 23,422 $81,808 Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) December 31, 2020 December 31, 2019 December 31, 2018 Current ratios to 1 to 1 to 1 2. Express the income statement data in common-size percentages. (Round your final percentage answers to 2 decimal places.) INDEPENDENT AUTO INC. Common-Size Comparative Income Statement (in %) For Years Ended December 31, 2020, 2019, and 2018 2020 2019 2018 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 3. Express the balance sheet data in trend percentages with 2018 as the base year. (Round your final percentage answers to 2 decimal places.) INDEPENDENT AUTO INC. Balance Sheet Data in Trend Percentages (in %) December 31, 2020, 2019, and 2018 2020 2019 2018 Assets Current assets Non-strategic investments Plant and equipment, net Total assets Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and equity