Required information Problem 13-2A (Algo) 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 2021 2019 $ 219,500 2020 Sales Cost of goods sold $ 412,880 248,554 $ 316,300 199,269 140,480 Gross profit 164,326 117,031 79,020 Selling expenses 58,629) 43,649 28,974 Administrative expenses 37,159 27,834 18,219 Total expenses 95,788 71,483 47,193 Income before taxes. 68,538 45,548 31,827 Income tax expense 12,748 9,337 6,461 Net income $ 55,790 $ 36,211 $ 25,366 Assets Current assets KORBIN COMPANY Comparative Balance Sheets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 Total liabilities and equity 2021 $ 58,595 2020 2019 0 $ 39,218 700 $ 52,425 4,150 100,557 59,809 110,511 $ 169,106 $ 140,475 $ 116,384 70,000 8,750 52,000 5,778 38,239 $ 24,689 70,000 $ 20,931 $ 20,367 8,750 65,667 40,794 $ 169,106 $ 140,475 $ 116,384 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage 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 Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings % % 100.00% + 100.00 100.00 % 100.00 % % 100.00% 100.00 100.00 100.00 Total liabilities and equity % % 100.00 %