[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 $ 2020 2019 $ $ Sales 476,645 365,149 Cost of goods sold 286,940 228,583 Gross profit 189,705 Selling expenses 253,400 162,176 136,566 91,224 67,684 50,391 33,449 Administrative expenses Total expenses 42,898 32,133 21,032 110,582 82,524 54,481 Income before 79,123 54,042 36,743 taxes Income tax expense 14,717 11,079 7,459 $ $ Net income 64,406 42,963 29,284 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets $ $ $ Current assets 54,610 36,551 48,860 Long-term investments 0 700 3,080 Plant assets, net 104,604 95,007 57,636 $ $ Total assets 159,214 132,258 109,576 Liabilities and Equity Current liabilities $ $ 23,245 19,706 19,176 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 61,719 38,302 37,067 Total liabilities and equity $ $ 159,214 132,258 109,576 2021 2020 2019 Numerator: Current Ratio Denominator: = 1 Current ratio Current ratio = to 1 = to 1 = to 1 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2019 % % % %