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Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 561,102 $429,850 $298,300 Cost of goods sold 337,783 271,235 190,912 Gross profit 223,319 158,615 107,388 Selling expenses 79,676 59,319 39,376 Administrative expenses 50,499 37,827 24,759 Total expenses 130, 175 97,146 64,135 Income before taxes 93,144 61,469 43,253 Income tax expense 17,325 12,601 8,780 Net income $ 75,819 $ 48,868 $ 34,473 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 61,454 $ 41,131 $ 54,983 Long-term investments 1,000 4.130 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 61,454 $ 41, 131 $ 54,983 Long-term investments 0 1,000 4,130 Plant assets, net 112, 390 102,281 60,532 Total assets $ 173, 844 $144,412 $119,645 Liabilities and Equity Current liabilities $ 25, 381 $ 21,517 $ 20,938 Common stock 64,000 64,000 46,000 Other paid-in capital 8,000 8,000 5, 111 Retained earnings 76,463 50,895 47,596 Total liabilities and equity $ 173,844 $144,412 $119,645 Problem 13-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Problem 13-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales % % % WA Common stock Other paid-in capital Retained earnings Total liabilities and equity 64,000 64,000 46,000 8,000 8,000 5,111 76,463 50,895 47,596 $ 173,844 $144,412 $119,645 Problem 13-2A Part 3 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets Current assets % % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00