Exercise 12-76 Preparation of Common Size Statements for Vertical Analysis Financial statements for Steelc Inc. follow OBJECTIVE Consolidated Income Statements in thousands except per share amounts) $7,245,088 ,958,835 (1,259,896) Special and nonrecurring items Gain on sale of investments Income before income taxes Provision for income taxes 2 in thousands) ASSETS Cash and equivalents Accounts receivable Property and equipment, net