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, 2020, 2019, and 2018 2020 2019 2016 Sales $ 416,830 $ 319,326 $ 221,600 Cost of goods sold 250,932 199,898 141,824 Gross profit 165,898 119,428 79,776 Selling expenses 59,190 44,067 29,251 Administrative expenses 37,515 28, 101 18,393 96,705 Total expenses 72,168 47,644 Income before taxes 69,193 47,260 32,132 12,870 Income tax expense 9,688 6,523 $ 56,323 $ 37,572 $25,609 Net income Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 2018 Assets Current assets $ 61,599 $ 41,168 $ 55,032 Long-term investments 600 4,980 plant assets.net 114,230 104,217 60,937 Total assets $ 175, 739 $ 145,985 $ 120,949 Liabilities and Equity Current liabilities $ 25,658 $ 21,752 $ 21,166 Common stock 164,000 64,000 46,000 Other paid-in capital 8,000 8,800 5,111 Retained earnings 78.081 52,233 48,672 Total liabilities and equity $ 175,739 $ 145,985 $ 120,949 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2020, 2019 and 2018 2020 2019 2018 % % Assets Current assets Long-term investments Plant assets, net 100.00 % 100.00 100.00 100.00 % % Total assets % Liabilities and Equity Current liabilities % 100,00 % 100.00 Common stock 100.00 100.00 Other paid-in capital Retained earnings Total liabilities and equity 100.00 %