Selected comparative financial statement information of Bluegrass Corporation follows.

Required

1. Compute each year’s current ratios. Round ratio to one decimal.

2. Express the income statement data in common-size percents. Round percents to two decimals.

3. Express the balance sheet data in trend percents with 2017 as the base year. Round percents to two decimals.

4. Comment on any significant relations revealed by the ratios and percents computed.

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BLUEGRASS CORPORATION Comparative Year-End Balance Sheets At December 31 2019 2018 2017 Assets Current assets... $ 54,860 $ 32,660 $ 36,300 10,600 Long-term investments. 1,700 Plant assets, net.. Total assets ..... 79,000 112,810 113,660 $167,670 $148,020 $125,900 Liabilitles and Equity Current liabilities.... $ 22,370 $ 19,180 $ 16,500 Common stock ..... 46,500 46,500 37,000 Other paid-in capital.. 11,300 13,850 13,850 Retained earnings.. 84,950 68,490 61,100 Total liabilities and equity..... $167,670 $148,020 $125,900 BLUEGRASS CORPORATION Comparative Income Statements For Years Ended December 31 2019 2018 2017 Sales .. $198,800 $166,000 $143,800 Cost of goods sold . 108,890 86,175 66,200 Gross profit.. 89,910 79,825 77,600 Selling expenses.... 22,680 19,790 18,000 Administrative expenses 16,760 14,610 15,700 Total expenses .... 39,440 34,400 33,700 Income before taxes. 50,470 45,425 43,900 Income tax expense. 6,050 5,910 5,300 Net income.. $ 44,420 $ 39,515 $ 38,600