Required: 1. Prepare a vertical analysis of Sports Unlimited's 2021 and 2020 balance sheets. Express each amount as a percentage of tot assets for that year. (Amounts to be deducted should be indicated by a minus sign. Round your percentage answers to 1 de place.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 Amount % 2020 Amount % $ $ Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds 188,800 76.000 72.000 11.200 135,800 51,800 133,700 5,600 O Land 99,200 200,800 194.400 215,600 192,500 (35,000) 700,000 (42.400) 800,000 $ $ S $ Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity 51,200 22.400 16,000 89,600 11,200 13,300 270,400 179,900 224.000 216.000 800,000 224,000 182,000 700,000 $ $ 2. Prepare a horizontal analysis of Sports Unlimited's 2021 balance sheet using 2020 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 For the years ended December 31 Year Increase (Decrease) Amount % 2021 2020 $ 188,800 $ 76,000 72.000 11.200 135,800 51,800 133,700 5,600 0 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity 99,200 200,800 194.400 (42.400) 800.000 215,600 192,500 (35,000) 700,000 S $ $ 51,200 $ 22.400 16,000 89,600 11,200 13,300 270.400 179,900 224.000 216,000 800,000 224,000 182,000 700.000 S $