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Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December

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Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019. Duke Company Lord Company 2020 2019 2020 2019 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $10 par Retained earnings $1,872,000 1,070,784 265,824 9,360 54,288 323,500 522,000 64,800 108,200 $310,300 $561,000 297,330 78,540 3,927 6,732 82,300 $79,200 138,900 125,400 36,600 29,400 29,000 25,200 497,600 74,400 89,600 497,500 497,500 120,000 120,000 175,000 146,400 35,600 30,000 * Question 2 Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, e.g. 12.1%.) Condensed Income Statement Duke Company Lord Company Dollars Percent Dollars Percent % $ % % % % 0% % % 0% % % 0% % % % % % %

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