Question 1 The comparative condensed balance sheets of Gurley Corporation are presented below GURLEY CORPORATION Comparative Condensed Balance Sheets December 31 2017 2016 Assets Current assets Property, plant, and equipment (net) Intangibles $73,000 $78,600 92,000 39,200 $199,000 $209,800 98,800 27,200 Total assets Liabilities and stockholders' equity Current liabilities Long-term liabilities Stockholders' equity $40,400 46,800 145,000 152,000 11,000 $199,000 $209,800 13,600 Total liabilities and stockholders' equity Prepare a horizontal analysis of the balance sheet data for Gurley Corporation using 2016 as a base. (Enter negative amo percentages to 1 decimal place, e.g. 12.3%.) GURLEY CORPORATION Condensed Balance Sheets Increase (Decrease) Percentage Change from 2016 2017 2016 Assets $73,000 $78,600 92,000 39,200 $199,000 $209,800 Current assets 98,800 Property, plant & equipment (net) Intangibles Total assets 27,200 Liabilities and stockholders' Equity Current liabilities $40,400 $46,800 Long-term liabilities 145,000 152,000