29. Condensed comparative financial statements for Woodstock Manufacturing Company appear below. Worth 10 points (partial credit will be given) Balance Sheet April 30 (in thousands of dollars) 2019 2018 2017 Assets: Current assets Plant and equipment (net) Other assets Total assets $ 1,700 8,110 1,004 $10,814 $1,120 7,830 695 $9,645 $1,544 5,404 772 $7,720 950 772 Liabilities and Stockholders' Equity: Current liabilities Long-term liabilities Capital stock ($10 par) Paid-in capital in excess of par Retained earnings Total liabilities and stockholders' equity S 2,023 4,600 770 2,471 $10.314 $ 880 1,591 4,600 770 1,804 $9, 645 $ 1,544 3,000 386 2,018 $7.720 Income Statement For the Year Ended April 30 (in thousands of dollars) Net sales Cost of sales Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Interest expense Net income before tax Income taxes Net income 2019 $38, 610 25,100 $13,510 7,700 4,270 $11,970 $ 1,540 115 $ 1,425 655 770 2018 $32,175 19,950 $12,225 6,565 4,175 $10,740 $ 1,485 2017 $25,740 15,400 $10, 340 5,148 3,861 $ 9,009 $ 1,331 100 $ 1,231 541 690 95 $ 1,390 645 $ 745 Net sales Cost of sales Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Interest expense Net income before tax Income taxes Net income 2019 $38, 610 25, 100 $13,510 7,700 4,270 $11,970 $ 1,540 115 $ 1,425 655 1770 2018 $32,175 19,950 $12,225 6,565 4,175 $10,740 $ 1,485 95 $ 1,390 645 $ 745 2017 $25,740 15,400 $10,340 5,148 3,861 $ 9,009 $ 1,331 100 $ 1,231 541 690 $ Required: Perform a horizontal, common-size analysis of the balance sheet items, using 2017 as the base year (meaning each line item for 2017 is 100%). Also include a horizontal analysis of sales and net income