24. The comparative condensed balance sheets of Able Corporation are presented below. ABLE CORPORATION Comparative Condensed Balance Sheets December 31 2017 2016 Assets 72,000 95,400 Current assets $80,000 Property, plant, and equipment (net) Intangibles 90,000 40 Total assets $201,000 $210,000 Liabilities and stockholders' equity Current liabilities Long-term liabilities Stockholders' equity 40,320 142,500 18,180 $201,000 $ 48,000 150,000 12,000 Total liabilities and stockholders' equity Instructions (a) Prepare a horizontal analysis of the balance sheet data for Able Corporation using 2016 as a base. (b) Prepare a vertical analysis of the balance sheet data for Able Corporation in columnar forrm for 2017. Solution