1. Prepare a vertical analysis of Sports Unlimited's 2021 and 2020 balance sheets. Express each amount as a percentage of total assets for that year. (Amounts to be deducted should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020 Amount % Amount Assets Current assets: Cash 126,000 86,000 Accounts receivable 68,400 35,500 Inventory 70,800 93,500 4,500 Prepaid rent 9,000 Long-term assets Investment in bonds 77,400 0 Land 159,000 168,000 139,500 Equipment 142,800 (53,400) Less: Accumulated depreciation (27,000) S Total assets 600,000 S 500,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable 36,600 53,500 Interest payable 24,000 12,000 Income tax payable 16,800 13,500 Long-term liabilities: Notes payable 178,800 124,500 Stockholders' equity: 234,000 234,000 Common stock Retained earnings 109,800 62,500 500,000 Total liabilities and stockholders' equity S S 600.000 2. Prepare a horizontal analysis of Sports Unlimited's 2021 balance sheet using 2020 as the base year. (Negative amounts and Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 Increase (Dec rease) Year 2021 2020 Amount Assets Current assets: Cash S 126,000 86,000 68,400 35,500 Accounts receivable Inventory 70,800 93,500 9,000 4,500 Prepaid rent Long-term assets: Investment in bonds 77,400 0 168,000 Land 159,000 Equipment 142,800 139,500 Less: Accumulated depreciation (53,400) (27,000) Total assets 600,000 500,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable S 36,600 53,500 Interest payable 24,000 12,000 Income tax payable 16,800 13,500 Long-term liabilities: Notes payable 178,800 124,500 Stockholders' equity Common stock 234,000 234,000 Retained earnings 109,800 62,500 S Total liabilities and stockholders' equity 500,000 600,000