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Problem 14-1A (Part Level Submission) Comparative statement data for Farris Company and Ratzlaff Company, two competitors, appear below. All balance sheet data are as of December 31, 2017, and December 31, 2016. Farris Company Ratzlaff Company 2017 2016 2017 2016 $339,400 Net sales $1,525,000 Cost of goods sold 1,100,000 240,700 Operating expenses 302,300 78,000 Interest expense 8,000 3,000 Income tax expense 55,000 6,000 Current assets 323,000 $312,700 83,200 $79,200 Plant assets (net) 519,300 500,600 139,200 124,200 Current liabilities 65,200 75,200 36,800 28,600 Long-term liabilities 108,000 90,000 29,800 26,000 Common stock, $10 500,000 500,000 117,000 117,000 par Retained earnings 169,100 148,100 38,800 31,800 (a) Your answer is correct. Prepare a vertical analysis of the 2017 income statement data for Farris Company and Ratzlaff Company in columnar form. (Round percentages to 1 decimal place, e.g. 12.1%)