Question 1 Suppose the comparative balance sheets of Larkspur, Inc., are presented here. LARKSPUR, INC. Condensed Balance Sheet May 31 ($ in millions) 2020 2019 Assets Current Assets Property, plant, and equipment (net) $9,880 1,840 1,530 $8,900 1,800 1,620 $12,320 Other assets Total assets $13,250 Liabilities and Stockholders' Equity Current Liabilities Long-term liabilities $3,260 1,250 8,740 $3,380 1,300 7,640 Stockholders' equity Total liabilities and stockholders' equity $13,250 $12,320 (a) Prepare a horizontal analysis of the balance sheet data for Larkspur, using 2019 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) LARKSPUR, INC. Condensed Balance Sheet May 31 ($ in millions) Percentage Change from 2019 2020 Increase (Decrease) 2019 Assets Current Assets $9,880 $8,900 % Property, plant, and equipment (net) 1,840 1,800 % Other assets 1,530 1,620 % Total assets $13,250 $12,320 % Liabilities and Stockholders' Equity Current Liabilities $3,260 $3,380 % Long-term liabilities 1,250 1,300 % Stockholders' equity 8,740 7,640 % Total liabilities and stockholders' equity $13,250 $12,320 % $ (b) Prepare a vertical analysis of the balance sheet data for Nike for 2020. LARKSPUR, INC. Condensed Balance Sheet $ (in millions) Percent Assets Current Assets $9,880 % Property, plant, and equipment (net) 1,840 % Other assets 1,530 % Total assets $13,250 % Liabilities and Stockholders' Equity Current Liabilities $3,260 % Long-term Liabilities 1,250 % Stockholders' equity 8,740 % Total liabilities and stockholders' equity $13,250 %