The condensed statements of Independent Auto Inc. follow: Net sales Cost of goods sold Independent Auto Inc. Income Statement ($000) For Years Ended December 31 Gross profit from sales. Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 2020 $209,900 2019 $193,100 119,675 $ 73,425 $ 26,680 27,025 2018 $167,900 106,403 $ 61,497 $ 22,211 13,899 125,409 $ 84,491 $ 29,662 19,001 $ 48,663 $ 35,828 $ 53,705 $ 19,720 $ 25,387 6,828 6,212 5,278 $ 29,000 $ 13,508 $ 20,109 $ 36,110 S Independent Auto Inc. Balance Sheet ($000) December 31 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 2020 2019. 2018 $ 35,286 0 65,700 $27,897 620 69,900 $36,804 3,279 42,600 $100,986 $98,417 $82,683 $ 14,815 $14,647 $14,311 59,400 59,400 44,700 26,771 24,370 23,672 $100,986 $98,417 $82,683 L Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place Current ratios December 31, 2020 2.4 to 1 December 31, 2019 1.9 to 1 December 31, 2018 0.8 to 1 2. Express the income statement data in common-size percentages. (Round your fina INDEPENDENT AUTO INC. Common-Size Comparative Income Statement (in %) For Years Ended December 31, 2020, 2019, and 2018 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses 2020 2019 2018 2. Express the income statement data in common-size percentages. (Round yc INDEPENDENT AUTO INC. Common-Size Comparative Income Statement (in %) For Years Ended December 31, 2020, 2019, and 2018 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 2020 2019 2018 L Book Print erences 3. Express the balance sheet data in trend percentages with 2018 as the base year. (R decimal places.) INDEPENDENT AUTO INC. Balance Sheet Data in Trend Percentages (in %) December 31, 2020, 2019, and 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 2020 2019 2018 ^