2. The comparative financial statement for Danno Corporation is shown below. DANNO CORPORATION Comparative Balance Sheets December 31, 2010, 2009, and 2008 2010 2009 2008 Assets $ 55,118 $ 42,494 $ 53,776 Current assets 400 4,110 Long-term investments Plant assets, net 99,871 106,303 64,382 Total assets .... $123,610 $153,647 $149,197 Liabilities and Equity $ 22,432 $ 22,230 $ 21,632 Current liabilities Common stock 70,000 70,000 52,000 Other paid-in capital 8,750 8,750 5,778 Retained earnings 52,465 48,217 44,200 Total liabilities and equity........ $149,197 $153,647 $123,610 DANNO CORPORATION Comparative Income Statements For Years Ended December 31, 2010, 2009, and 2008 2010 2009 2008 $392,000 $300,304 $208,400 Sales....... 235,984 Cost of goods sold 190,092 133,376 Gross profit 156,016 110,212 75,024 Selling expenses 55,664 41,442 27,509 Administrative expenses 35,280 26,427 17,297 Total expenses 67,869 90,944 44,806 Income before taxes 42,343 65,072 30,218 Income taxes 12,103 8,680 6,134 $ 24,084 $ 52,969 $ 33,663 Net income REQUIRED: 2008 1. Compute the current ratio for the years2009 and 2010. 2. Express the income statement and balance sheet is common-sized percentages. 3. Analyze and comment on any relevant items disclosed by the current ratio and percentages computed. 3: Financial information for Crisco Company and Silas Company, botl in the same type of industry, are shown below