Problem 3-18 Common-Size and Common-Base Year Financial Statements In addition to common-size financial statements, common-base year financial statements are often used. Common-base year financial statements are constructed by dividing the current year account value by the base year account value. Thus, the result shows the growth rate in the account. Construct the common-size balance sheet and common-base year balance sheet for the company. Use 2020 as the base year. (Do not round Intermediate calculations. Enter your common-size answers as a percent and your common-base year answers as a times. Round your common-size answers to 2 decimal places, e.g., 32.16, and common-base year answers to 4 decimal places, e.g., 32.1616.) JARROW CORPORATION 2020 Common-size 2021 Common-size Common-base year Assets Current assets Cash $ % $ 10.654 8,714 21,853 % %6 Accounts receivable % 38,222 Inventory Total 96 24 337 43.197 78.188 % % $ 88,789 $ 9 $ 96 $ 96 216,770 285,559 244.740 322.928 $ % $ %6 $ 42,298 % $ 47.284 % Fixed assets Net plant and equipment Total assets Liabilities and owners' equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings 18,864 % 18,435 % $ $ 96 61,162 25,400 % % 65.710 32.400 $ $ $ 39,400 % 0 % 40.600 184,209 159,597 96 Total $ % % % 198,997 285,559 $ 224.809 322 928 Total liabilities and owners' equity $ $