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 Current assets: $ 103,500 46,800 44.550 7,200 $ 70,400 32,000 71,200 3,600 Accounis receivable Prepaid rent Long-term assets Investment in bonds 54,900 117,450 106,200 (30,600) $ 450,000 141,800 102,000 (20,800) $ 400,000 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable $ 30,150 7,200 12,150 $ 46,800 3,600 10,000 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock 138,150 127,600 144,000 118,350 450,000 144,000 68,000 $400,000 Retained eamings Total liabilities and stockholders' equity 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.) SPORTS UNLIMITED Balance Sheets December 31 Year Increase (Decrease) Amount 2018 2017 Assets Current assets Cash Accounts receivable Inventory Prepaid rent S 103,500 46,800 44,550 7,200 70,400 32,000 71,200 3,600 Long-term assets Investment in bonds Land Equipment Less: Accumulated depreciation 54,900 117,450 106,200 (30,600) 141,600 102,000 (20,800) $ 450,000$ 400,000 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable 30,150 $ 7,200 12,150 46,800 3,600 10,000 Income tax payable Long-term liabilities Notes payable Stockholders' equity: Common stock 138,150 127,600 144,000 118,350 $450,000$ 400,000 144,000 68,000 Retained earnings Total liabilities and stockholders' equity