Block Department Stores' chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average for the industry The CEO has given you the company's income statement and balance sheet, as well as the industry average data for retailers. Block Department Stores, Inc. Income Statement Compared with Industry Average For the Year Ended December 31 amounts in thou Block Industry Average 6 Sales revenues 7 Less: Cost of goods sold 8 Gross profit 9 Less Operating expenses 10 Operating income 11 Less Interest expense 12 Income before income taxes 13 Less Income tax expense 14 Net income 100.0% 65.7% 23% 526,286 64,220 91,494 1,173 90,321 ,083 48 143% 0.3% 140% 15 Block Department Stores, Inc. Balance Sheet Compared with Industry Average As of December 3 (omounts in thousands Block Industy Average Assets 312,340 117,760 5,980 23,920 460,000 709% 23.7% 0% 4.796 7 Current assets 8 Fixed assets, net intangible assets, net 10 Other assets 11 Total assets 12 13 4 Current liabilities Liabilities 213,440 104,880 318,320 483% 16.7% 650% 15 Long-term Babilities 16 Total liabilities 17 18 Stockholders equity 19 Total common stockholders equity 21 Total liabilities and equity 141 60,000 100.0% Requirements Prepare a common-size income statement and balance sheet for Block Depart- ment Stores. The first column of each statement should present Block Department Stores' common-size statement, while the second column should present the industry averages 1