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Required information [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 $ 423 , 225 $ 324, 225 $ 225 , 000 Cost of goods sold 254, 781 202, 965 144 , 000 Gross profit 168, 444 121, 260 81, 000 Selling expenses 60 , 098 44, 743 29 , 700 Administrative expenses 38 , 090 28,532 18, 675 Total expenses 98 , 188 73, 275 48,375 Income before taxes 70, 256 47,985 32 , 625 Income tax expense 13 , 068 9, 837 6 , 623 Net income $ 57, 188 $ 38 , 148 $ 26, 002KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 54, 474 $ 36, 460 $ 48, 738 Long-term investments 0 1, 100 3 , 960 Plant assets, net 104, 342 94 , 368 56 , 604 Total assets $ 158, 816 $ 131, 928 $ 109 , 302 Liabilities and Equity Current liabilities $ 23, 187 $ 19 , 657 $ 19 , 128 Common stock 70 , 000 70 , 000 52 , 000 Other paid-in capital 8 , 750 8 , 750 5 , 778 Retained earnings 56, 879 33 , 521 32, 396 Total liabilities and equity $ 158 , 816 $ 131, 928 $ 109 , 3022. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) Cost of goods sold Gross prot Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % %
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