Question 1 of 5 0.5 / 1 III View Policies Show Attempt History Current Attempt in Progress Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019. Duke Company Lord Company 2020 2019 2020 2019 Net sales $1,884,000 $559,000 Cost of goods sold 1,079,532 296,829 Operating expenses 259,992 79,937 Interest expense 7,536 4,472 Income tax expense 54,636 6,149 Current assets 320,000 $314,200 82,300 $78,600 Plant assets (net) 521,700 500,000 139,200 124,500 Current liabilities 65,400 74,600 36,400 30,600 Long-term liabilities 108,400 89,800 29,200 25,400 Common stock, $10 par 498.000 498,000 117,000 117,000 Retained earnings 169.900 151,800 38,900 30,100 Question 1 of 5 0.5 / 1 2 Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, e.g. 12.1%.) Condensed Income Statement For the Year Ended December 31, 2020 Duke Company Dollars Percent Dollars Net Sales $ 1884000 100 % $ Cost of Goods Sold 1079532 i 57.3 i % 2961 Gross Profit 804468 42.7 % Operating Expenses 259992 i 13.8 i % 79 Income From Operations 544476 28.9 % Other Expenses and Losses Interest Expense 7536 i .4 i % 4 Income Before Income Taxes 536940 28.5 % Income Tax Expense V 54636 i 2.9 i % 6 Net Income /(Loss) $ 482304 25.6 % $ Question 1 of 5 0.5 / 1 2= Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, e.g. 12.1%.) Condensed Income Statement For the Year Ended December 31, 2020 Duke Company Lord Company Dollars Percent Dollars Percent 1884000 100 % $ 559000 100 % 1079532 57.3 i % 296829 i 53.1 i % 804468 42.7 % 262171 46.9 % 259992 13.8 i % 79937 i 14.3 i % 544476 28.9 % 182234 32.6 % 7536 4. i % 4472 .8 i % 536940 28.5 % 177762 31.8 % 54636 2.9 i % 6149 i 1.1 i % 482304 25.6 % $ 171613 30.7 % Question 1 of 5