In addition to common-size financial statements, common-base-year financial statements are often used. Common-base-year financial statements are constructed by dividing the current-year account value by base-year account value. Thus, the result shows the growth rate in the account.

Prepare the common-size balance sheet and common-base-year balance sheet for the company. Use 2022 as the base year.please explain how this is done

\begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{2022} & Common-size & & 2023 & Common-size & \begin{tabular}{c} Common-base- \\ year \end{tabular} \\ \hline \multicolumn{8}{|c|}{ Assets } \\ \hline \multicolumn{8}{|l|}{ Current assets } \\ \hline Cash & $ & 8,764 & % & $ & 10,704 & % & \\ \hline Accounts receivable & & 21,953 & % & & 24,437 & % & \\ \hline Inventory & & 38,322 & % & & 43,297 & % & \\ \hline Total & $ & 69,039 & % & $ & 78,438 & % & \\ \hline \multicolumn{8}{|l|}{ Fixed assets } \\ \hline Net plant and equipment & & 216,870 & % & & 244,840 & % & \\ \hline Total assets & $ & 285,909 & % & $ & 323,278 & % & \\ \hline \multicolumn{8}{|c|}{ Liabilities and Owners' Equity } \\ \hline \multicolumn{8}{|l|}{ Current liabilities } \\ \hline Accounts payable & $ & 42,398 & % & $ & 47,384 & % & \\ \hline Notes payable & & 18,964 & % & & 18,535 & % & \\ \hline Total & $ & 61,362 & % & $ & 65,919 & % & \\ \hline Long-term debt & & 25,500 & % & & 32,500 & % & \\ \hline \multicolumn{8}{|l|}{ Owners' equity } \\ \hline Common stock and paid-in surplus & & 39,500 & % & & 40,700 & % & \\ \hline Accumulated retained earnings & & 159,547 & % & & 184,159 & % & \\ \hline \end{tabular}