The condensed statements of Independent Auto Inc. follow: Net sales Independent Auto Inc. Income Statement (5000) For Years Ended December 31 Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 2023 $210,400 125,534 2022 $193,600 119,800 $ 84,866 $ 73,800 $ 29,737 19,051 $ 26,755 27,075 $ 53,830 $ 48,788 $ 36,078 6,903 $ 19,970 6,287 $ 29,175 $ 13,683 2021 $168,400 106,528 $ 61,872 $ 22,286 13,949 $ 36,235 $ 25,637 5,353 $ 20,284 Independent Auto Inc. Balance Sheet (5000) 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 2023 2022 2021 $ 35,536 $28,147 $37,054 0 66,200 $101,736 670 70,400 3,404 43,100 $99,217 $83,558 $ 14,940 $14,772 $14,436 59,900 59,900 45,200 26,896 24,545 23,922 $101,736 $99,217 $83,558 Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) Assignment i Saved Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) December 31, 2023 December 31, 2022 December 31, 2021 Current ratios to 1 to 11 to 1 2. Express the income statement data in common-size percentages. (Round your final percentage answers to INDEPENDENT AUTO INC. Common-Size Comparative Income Statement (in %) For Years Ended December 31, 2023, 2022, and 2021 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes 2023 2022 2021 4. Book 3. Express the balance sheet data in trend percentages with 2021 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, 2023, 2022, and 2021 Assets Current assets Non-strategic investments Plant and equipment, not Total assets Liabilities and Equity Current liabilities) Common shares Retained earnings Total liabilities and equity 2023 2022 2021