[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, 2017, 2016, and 2015 2017 2016 2015 Sales $ 483, 605 $ 370,481 $ 257,100 Cost of goods sold 291,130 233,033 164,544 Gross profit 192,475 137,448 92,556 Selling expenses 68,672 51,126 33,937 Administrative expenses 43,524 32,602 21,339 Total expenses 112, 196 83,728 55, 276 Income before taxes 80,279 53,720 37,280 Income taxes 14,932 11,013 7,568 Net income $ 65,347 $ 42,707 $ 29,712 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 Assets Current assets $ 51,743 $ 40,482 Long-term investments 0 900 Plant assets, net 97,587 103,623 Total assets $ 149,330 $ 145,005 Liabilities and Equity Current liabilities 21,802 $ 21,606 Common stock 63,000 63,000 Other paid-in capital 7,875 7,875 Retained earnings 56,653 52,524 Total liabilities and equity $ 149, 330 $ 145,005 $ 54,116 3,080 62,941 $ 120,137 $ 21,024 45,000 5,000 49,113 $ 120,137 2. Complete the below table to calculate income statement data in common size percents. (Round your percentage answers to 2 decimal places.) 2015 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income % % 3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2017, 2016 and 2015 2017 2016 2015 Assets 100.00% Current assets Long-term investments Plant assets, net 100.00 % 100.00 100.00 % 400.00% Total assets Liabilities and Equity Current liabilities Common stock Other paid in capital Retained earnings Total liabilities and equity 100.00 100.00 100.00 100,00 %