Condensed comparative financial statements for Woodstock Manufacturing Company appear below. April 30, 2012 April 30, 2011 Assets: Current assets Plant and equipment (net) Total assets 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 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 $1,700 8,110 1,004 $10.91 950 2,023 4,600 770 2,471 $10.014 Income Statement For the Year Ended April 30 1 (in thousands of dollars). 2012 $38,610 25,100 $13,510 7,700 4,270 $11,970 $ 1,540 115 $ 1,425 655 770 $1,120 7,830 695 $9,645 $ 800 1,591 4,600 170 1,804 291645 2011 $32,175 19,950 $12,225 6,565 4,175 $10,740 $ 1,485 95 $ 1,390 645 745 April 30. 2010 $1,544 5,404 772 $7/720 $769 1,544 3,000 389 2,018 $7,720 2010 $25,740 15,400 $10,340 5,148 3,861 39,009 $ 1,331 100 $ 1,231 541 690 Required: Perform a vertical, common size analysis of the income statement. Comment on significant trends.