1. Condensed data taken from the ledger of Collins Company at December 31, 2006, and 2007, are as follows: 2007 2006 Current assets $ 200,000 $ 180,000 Property, plant and equipment 450,000 400,000 Intangible assets 20,700 30,000 Current liabilities 70,000 80,000 Long-term liabilities 200,000 250,000 Common Stock 275,000 200,000 Retained Earnings 125,700 80,000 Prepare a comparative balance sheet, with horizontal analysis, for December 31. 2006 and 2007. (Round percents to one decimal point.) 2. Revenue and expense data for Wilson Company are as follows: 2006 2005 Administrative expenses $ 24,750 $ 18,000 Cost of goods sold 487,500 375,000 Income Tax 15,000 12,000 Net sales 750,000 600,000 Selling expenses 182,500 154,800 (a) Prepare a comparative income statement, with vertical analysis, stating each item for both 2006 and 2005 as a percent of sales. (b) Comment upon the significant changes disclosed by the comparative income statement