Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2016 2015 2014 Sales revenue Cost of goods sold Gross margin Operating expenses Operating income Other revenue $576,600 $523,000 $484,200 291,000 259,200 234,300 285,600 263,800 249,900 106,200 104,600 104,100 179,400 159,200 145,800 23,900 11,900 190,700 164,600 157,800 Income tax expense (40%) 76,280 65,840 63,120 $114,420 $98,760 $94,680 22,500 15,900 10,500 Interest expense Income before income tax 11,200 Net income Pippin Piping Co. Comparative Balance Sheets As of December 31 2014 $32,000 $25,800 $20,500 94,300 56,000 4,600 229,860 243,500 175,400 668,900 576,000540,300 $898,760 $819,500 $715,700 Asset 2016 2015 as Accounts receivable (net) Inventory Prepaid expenses 126,860 127,000 80,700 10,000 60,000 11,000 Total current assets Property & equipment (net) Total Assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses $53,120 $81,200 $79,100 41,700 93,440 120,800 170,000 160,000 150,000 234,120 253,440 270,800 11,000 64,120 12,240 Total current liabilities Long-term debt Total liabilities Stockholders' Equity 5,000 62,000 559,640461,060 377,900 664,640 566,060 444,900 Total Liabilities and Stockholders' Equity $898,760 $819,500 $715,700 Common stock, $0.50 par value Additional paid-in capital Retained earnings 6,000 99,000 6,000 99,000 Total stockholders' equity Additional information 2016 2015 2014 Closing stock price Shares outstanding $30 12,000 12,000 10,000 Dividends paid per share $1.32 $1.30 $1.25 $38 $35 Y(a) Prepare a horizontal analysis for 2016. (Round percentage answers to I decimal places, e.g. 52.7. List Assets in order of liguidity, Do not leave any answer fleld blank. Enter O for amounts. Enter negative amounts using elther a negatlve sign preceding the number, e.g. 45 2016 2015 s change o change 5% 5% Assets 2016 2015 s change % change Liabilities & Stockholders' Equity Stockholders' Equity