Required 1. Prepare a vertical analysis of Sports Unlimited's 2018 and 2017 balance sheets. Express each amount as a percentage of total assets for that year. (Amounts to be deducted should be indicated by a minus sign. Round your answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheets December 31 2018 2017 Amount Amount Assets Current assets: $ 217,800 101,700 94,500 23,400 $147,420 52,260 152,880 11,700 Cash Accounts receivable Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation 126,000 183,600 231,300 (78,300) $900,000 250,380 207.480 (42,120) $ 780,000 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable $ 67,500 23,400 22,500 $102,180 11,700 14,820 Long-term liabilities: Notes payable 304,200 267,540 Stockholders' equity: 280,800 201,600 Total liabilities and stockholders equity 900,000 Common stock 280,800 102,960 $780,000 Retained earnings 2. Prepare a horizontal analysis of Sports Unlimited's 2018 balance sheet using 2017 as the base year. (Negative amounts and Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheets Year Increase (Decrease) Amount 2018 2017 Assets Current assets: $ 217,800$ 147,420 52,260 152,880 11,700 Cash Accounts receivable 101,700 94,500 23,400 Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation 126,000 183,600 231,300 (78,300) 207,480 (42,120) $ 900,000$ 780,000 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable $ 67,500 102,180 11,700 14,820 23,400 22,500 Long-term liabilities: Notes payable 304,200 267,540 Stockholders' equity: Common stock 280,800 102,960 S 900,000 780,000 280,800 201,600 Retained earnings Total liabilities and stockholders'equity