Prepare common size financial statements for Johnson & Johnson for the year 2023 based on the following data:

Income Statement:

Item	Amount ($)
Sales	1,500,000
Cost of Goods Sold	900,000
Gross Profit	600,000
Selling Expenses	150,000
Administrative Expenses	100,000
Income Before Taxes	350,000
Income Tax Expense	105,000
Net Income	245,000

Balance Sheet:

Item	Amount ($)
Current Assets	350,000
Long-term Investments	400,000
Property, Plant & Equipment	450,000
Total Assets	1,200,000
Current Liabilities	200,000
Long-term Liabilities	300,000
Shareholders' Equity	700,000
Total Liabilities & Equity	1,200,000

Requirements:

1. Convert the income statement into a common size income statement.
2. Convert the balance sheet into a common size balance sheet.
3. Determine which items have the highest percentages.
4. Analyze the company's cost structure.
5. Evaluate the equity position relative to total assets.