Problem 13-1A (Part Level Submission) Here are comparative statement data for Ivanhoe Company and Pharoah Company, two competitors. All balance sheet data are as of December 31, 2017, and December 31, 2016. Ivanhoe Company Pharoah Company 2017 2016 2017 2016 Net sales $1,865,000 $595,000 Cost of goods sold 1,064,000 279,000 Operating expenses 252,000 84,000 Interest expense 8,000 1,800 Income tax expense 70,900 35,000 Current assets 583,495 $559,214 149,171 $ 142,246 Plant assets (net) 942,972 895,000 250,113 225,203 Current liabilities 118,722 135,709 63,273 54,203 Long-term liabilities 204,042 161,100 53,020 44,750 Common stock, $10 par 895,000 895,000 214,800 214,800 Retained earnings 308,703 262,405 68,192 53,696 Collapse question part (a) Prepare a vertical analysis of the 2017 income statement data for Ivanhoe Company and Pharoah Company. (Round all ratios to 1 decimal place, e.g. 2.5%.) Condensed Income Statement For the Year Ended December 31, 2017 Ivanhoe Company Pharoah Company Dollars Percent Dollars Percent $1,865,000 % $595,000 % 1,064,000 % 279,000 % 801,000 % 316,000 % 252,000 % 84,000 % 549,000 % 232,000 % 8,000 % 1,800 % 541,000 % 230,200 % 70,900 % 35,000 % $470,100 % $195,200 % Click if you would like to Show Work for this question: