The following balance sheet and income statement data were taken from the financial records of The Dana Point Company:

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Required
Prepare percentage change and common-sized balance sheets and income statements for The Dana Point Company for 2016.

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THE DANA POINT COMPANY Balance Sheets 2016 2015 2016 2015 Assets Liabilities & Shareholders' Equity Cash...... $ 7,000 30,000 Accounts payable....... $ 65,500 $ 63,000 Accounts receivable.... 67,500 60,000 Wages payable.... 37,000 47,500 Inventory... 49,000 22,500 Total current liabilities... 102,500 110,500 Prepaid insurance. 6,000 4,500 Bank loan payable. 83,000 85,000 Total current assets 129,500 117,000 Capital stock 75,000 75,000 Building (net). 187,500 190,000 Retained earnings 56,500 36,500 Total $317,000 $307,000 Total $317,000 $307,000