Please complete a horizontal analysis on the income statrment and a vertical analysis on the Balance sheet.

Music Magic Income Statement For the Year Ended December 31st, 2019 2019 2018 Revenues Service Revenue 6,500 $ 6,000 750 350 Expenses Advertising Expense Depreciation Expense Interest Expense Rent Expense Salaries Expense Supplies Expense Total Expenses 100 800 $ 400 100 500 2,400 900 5,100 $ 500 2,200 800 4,700 $ Net Income $ 1,400 $ 1,300 Assets Current Assets Cash Accounts Receivable Supplies Prepaid Rent Total Current Assets 56,400 500 200 Music Magic Balance Sheet December 31st, 2019 Liabilities Current Liabilities Accounts Payable Interest Payable Deferred Revenue Salaries Payable Total Current Liabilities Long-Term Liabilities Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 600 100 700 1,200 2,600 5,000 62,100 $ 12,000 14,600 Long-Term Assets Equipment Accumulated Depreciation Total Long-Term Assets 25,000 (400) 24,600 70,000 2,100 72,100 86,700 Total Assets 86,700 $