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The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($000) For Years Ended December 31 2020 2019 Net sales $209,700 $192,900 Cost of goods sold 125,359 119,625 Gross profit from sales $ 84,341 $ 73,275 Selling expenses $ 29,632 $ 26,650 Administrative expenses 18,981 27,005 Total operating expenses $ 48,613 $ 53,655 Profit before taxes $ 35,728 $ 19,620 Income taxes 6,798 6,182 Profit $ 28,930 $ 13,438 2018 $167,700 106,353 $ 61,347 $ 22,181 13,879 $ 36,060 $ 25,287 5,248 $ 20,039 2019 2018 Independent Auto Inc. Balance Sheet ($000) December 31 2020 Assets Current assets $ 35,186 Non-strategic investments Plant and equipment, net 65,500 Total assets $100,686 Liabilities and Equity Current liabilities $ 14,765 Common shares 59,200 Retained earnings 26,721 Total liabilities and equity $100,686 $27,797 600 69,700 $98,097 $36,704 3,229 42,400 $82,333 $14,597 59,200 24,300 $98,097 $14,261 44,500 23,572 $82,333 Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) December 31, 2020 December 31, 2019 December 31, 2018 Current ratios to 1 to 1 to 1 2. Express the income statement data in common-size percentages. (Round your final percentage answers to 2 decimal places.) INDEPENDENT AUTO INC. Common-Size Comparative Income Statement (in %) For Years Ended December 31, 2020, 2019, and 2018 2020 2019 2018 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 3. Express the balance sheet data in trend percentages with 2018 as the base year. (Round your final percentage answers to 2 decimal places.) INDEPENDENT AUTO INC. Balance Sheet Data in Trend Percentages (in %) December 31, 2020, 2019, and 2018 2020 2019 2018 Assets Current assets Non-strategic investments Plant and equipment, net Total assets Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and equity

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