Required information 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 $ 474,200 $ 363,276 $ 252,100 Cost of goods sold 285,468 230, 317 161,344 Gross profit 188,732 132,959 90,756 Selling expenses 67,336 50,132 33,277 Administrative expenses 42,678 31,968 20,924 Total expenses 110,014 82,100 54,201 Income before taxes 78,718 50,859 36,555 Income tax expense 14,642 10,426 7,421 Net income $ 64,076 $ 40,433 $ 29,134 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 60,864 Long-term investments Plant assets, net 111,311 Total assets $ 172,175 Liabilities and Equity Current liabilities $ 25,138 Common stock 71,000 Other paid-in capital 8,875 Retained earnings 67,162 Total liabilities and equity $ 172,175 $ 40,736 800 101,489 $ 143,025 $ 54,455 4,580 59,461 $ 118,496 $ 21,311 71,000 8,875 41,839 $ 143,025 $ 20,737 53,000 5,889 38,870 $ 118,496 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 100.00 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00 % 100.00 % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income