P12-3A The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020 $103,500 46.800 44,550 7,200 $ 70,400 32,000 71,200 3.600 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 54,900 117,450 106,200 (30,600) $450,000 O 141,600 102,000 (20,800 $400,000 $ 30,150 7,200 12,150 $ 46,800 3,600 10,000 138,150 127,600 144,000 118,350 $450,000 144.000 68,000 $400.000 Required: 1. Prepare a vertical analysis of Sports Unlimited's 2021 and 2020 balance sheets. Express each amount as a percentage of total assets for that year. 2. Prepare a horizontal analysis of Sports Unlimited's 2021 balance sheet using 2020 as the base year