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Problem 13-1A (Part Level Submission) Here are comparative statement data for Cullumber Company and Oriole Company, two competitors. All balance sheet data are as of December 31, 2017, and December 31, 2016 Cullumber Company Oriole Company 2016 2017 2017 2016 Net sales $535,000 $1,853,000 Cost of goods sold 1,063,000 279,000 Operating 252,000 84,000 expenses Interest expense 8,000 2,200 Income tax 73,700 34,000 expense 127,504 121,585 Current assets $477,987 498,742 Plant assets (net) 806,004 765,000 213,784 192,492 Current liabilities 101,477 115,997 54,082 46,330 Long-term liabilities 174,405 137,700 45,319 38,250 Common stock, 765,000 765.000 183.600 183,600 $10 par Retained earnings 45,897 263,864 224,290 58,287 (a) vertical analysis of the 2017 income statement data for Cullumber Company and Oriole Company. (Round all ratios to 1 decimal place, e.g. 2.5%.) Prepare Condensed Income Statement For the Year Ended December 31, 2017 Cullumber Company Oriole Company Dollars Dollars Percent Percent $1,853,000 $535,000 100 % 100 % Net Sales 1,063,000 % 279,000 Cost of Goods Sold 790,000 256,000 Gross Profit 252,000 84,000 % Operating Expenses 538,000 % 172,000 Income From Operations Other Expenses and Losses 8,000 2,200 0/e Interest Expense 169,800 530,000 Income Before Income Taxes 73,700 % 34,000 Income Tax Expense $456,300 $135,800 Net Income /(Loss) % Open Show Work Click if you would like to Show Work for this