GURLEY CORPORATION Comparative Condensed Balance Sheets December 31 2017 2016 Assets Current assets Property, plant, and equipment (net) Intangibles 99,000 27,000 $200,000 74,000 80,000 90,000 40,000 $210,000 Total assets Liabilities and stockholders' equity Current liabilities Long-term liabilities Stockholders' equity 42,000 143,000 15,000 $200,000 48,000 150,000 12,000 $210,000 Total liabilities and stockholders' equity Instructions (a) Prepare a horizontal analysis of the balance sheet data for Gurley Corporation using 2016 as a base. (b) Prepare a vertical analysis of the balance sheet data for Gurley Corporation in columnar form for 2017. In performing a vertical analysis, the base for a current asset is