Beach Club Enterprises (BCE) Limited is Canada's largest resort owner. The following selected information is available for three recent fiscal years: Beach Club Enterprises Ltd. Statement of Financial Position December 31 (in thousands) Assets 2018 2017 2016 Current assets $251,210 $ 13,741 $ 12,931 Non-current assets 451,866 616,313 666,185 Total assets $703,076 $630,054 $679,116 Liabilities and Shareholders' Equity Current liabilities $ 61,477 $ 68,822 $108,067 Non-current liabilities 205,913 328,074 333,290 Total liabilities 267,390 396,896 441,357 Shareholders' equity 435,686 233,158 237,759 Total liabilities and shareholders' equity $703,076 $630,054 $679,116 Beach Club Enterprises Ltd. Statement of Comprehensive Income (Loss) Year Ended December 31 (in thousands) 2018 2017 2016 Revenue Operating expenses Income (loss) from operations Interest expense Income (loss) before income tax Income tax expense (refund) Income (loss) from continuing operations Gain from discontinued operations Net income Other comprehensive income (loss) Comprehensive income (loss) $172,638 $171,902 $229,045 148,591 185,296 191,484 24,047 (13,394) 37,561 11,447 15,403 18,151 12,600 (28,797) 19,410 3,394 (494) 2,852 9,206 (28,303) 16,558 214,088 30,321 223,294 2,018 16,558 3,822 (5,627) (2,348) $227,116 $ (3,609) $14,210 Instructions a. Using horizontal analysis, calculate the percentage of the base-year amount for each of the statement of financial position and statement of income items, assuming 2016 is the base year. b. Using horizontal analysis, calculate the horizontal percentage change in 2018 and 2017 for each of the statement of financial position and statement of income items. c. Identify the key components in BCE's statement of financial position and statement of income that are primarily responsible for the change in the company's financial position and performance over the three-year period