Financial data for Procter & Gamble Co. for the years ended June 30, 2023, 2022, and 2021 are provided below.

Procter & Gamble Co. Comparative Income Statements	2023	2022	2021
Sales	$400,000,000	$380,000,000	$360,000,000
Cost of goods sold	$240,000,000	$228,000,000	$216,000,000
Gross profit	$160,000,000	$152,000,000	$144,000,000
Operating expenses	$80,000,000	$76,000,000	$72,000,000
Income from operations	$80,000,000	$76,000,000	$72,000,000
Interest expense	$8,000,000	$7,600,000	$7,200,000
Income before taxes	$72,000,000	$68,400,000	$64,800,000
Income tax expense	$21,600,000	$20,520,000	$19,440,000
Net income	$50,400,000	$47,880,000	$45,360,000

Procter & Gamble Co. Comparative Balance Sheets	2023	2022	2021
Assets
Current assets	$80,000,000	$75,000,000	$70,000,000
Long-term investments	$100,000,000	$95,000,000	$90,000,000
Property and equipment, net	$180,000,000	$170,000,000	$160,000,000
Total assets	$360,000,000	$340,000,000	$320,000,000
Liabilities and Equity
Current liabilities	$60,000,000	$55,000,000	$50,000,000
Long-term debt	$150,000,000	$140,000,000	$130,000,000
Common stock	$70,000,000	$70,000,000	$70,000,000
Retained earnings	$80,000,000	$75,000,000	$70,000,000
Total liabilities and equity	$360,000,000	$340,000,000	$320,000,000

Requirements:

1. Prepare common-size income statements for 2023, 2022, and 2021.
2. Prepare common-size balance sheets for 2023, 2022, and 2021.
3. Calculate and analyze Procter & Gamble’s net profit margin and operating profit margin.
4. Discuss the changes in Procter & Gamble’s capital structure over the three years.