[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 Sales $ 424,918 $ 325,522 2019 $ 225,900 Cost of goods sold 255,801 204,428 144,576 Gross profit 169,117 121,094 81,324 Selling expenses 60,338 44,922 29,819 Administrative expenses 38,243 28,646 18,750 Total expenses 98,581 73,568 48,569 Income before taxes 70,536 47,526 32,755 Income tax expense Net income 13,120 9,743 6,649 $ 57,416 $ 37,783 $ 26,106 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Retained earnings December 31 2021 $ 62,248 2020 0 $ 41,663 800 102,381 112,116 $ 174,364 $ 144,844 $ 25,457 63,000 7,875 78,032 $ 21,582 63,000 7,875 52,387 Other paid-in capital Total liabilities and equity $ 174,364 $ 144,844 2019 $ 55,693 3,200 61,110 $ 120,003 $ 21,001 45,000 5,000 49,002 $ 120,003 Required: 1. Complete the below table to calculate each year's current ratio. 2021 2020 2019 Numerator: Current Ratio Denominator: = Current ratio = Current ratio = 0 to 1 = 0 to 1 = 0 to 1 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 % 2020 2019 % % % % % 200 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base ye answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets Long-term investments % % 100.00 % 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % 100.00% Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity % % 100.00 % 4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? Yes O No (b) Did income as a percent of sales improve in the most recent year compared to the prior year? Yes O No (c) Did plant assets grow over this period? Yes No