Calculating and analyzing trend percents Selected comparative financial statements of Jackson Company follow. JACKSON COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 ($ thousands) Sales 2021 2020 2019 2018 2017 2016 2015 Cost of goods sold Gross profit $ 2,302 1,655 647 $ 2,016 $ 1,835 $ 1,682 $ 1,569 $ 1,459 $ 1,196 Operating expenses 491 1,346 670 384 1,158 677 353 1,014 942 881 702 668 627 578 494 260 226 223 185 Net income $ 156 $ 286 $ 324 $ 408 $ 401 $ 355 $ 309 JACKSON COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 Total assets ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Liabilities and Equity 2021 2020 2019 2018 2017 2016 2015 $ 141 $ 186 $ 194 $ 198 1,013 1,064 3,665 2,668 963 2,331 739 1,964 $ 205 650 1,764 $ 203 616 1,498 $ 209 435 1,087 94 0 85 52 0 0 4,484 4,467 3,908 93 289 2,204 79 289 2,280 $ 9,397 $ 8,470 $ 7,448 $ 5,487 $ 5,267 Current liabilities Long-term liabilities 2,364 2,526 $ 1,988 $ 1,304 $ 941 2,200 Common stock 1,710 Other paid-in capital Retained earnings 428 2,369 1,710 428 2,144 2,141 1,710 1,016 428 1,865 Total liabilities and equity $ 9,397 $ 8,470 $ 7,448 $ 5,487 $ 5,267 $ 1,085 994 1,520 380 1,508 1,520 380 1,410 $ 890 1,100 1,330 333 1,059 42 289 1,738 $ 3,800 825 1,330 738 $ 3,800 80 289 2,026 $ 4,712 $ 574 333 $ 4,712 Required: 1. Complete the below table to calculate the trend percents for all components of both statements using 2015 as the base year. 2. Refer to the results from part 1. (a) Did sales grow steadily over this period? (b) Did net income as a percent of sales grow over the past four years? (c) Did inventory increase over this period?