Required Information [The following information applies to the questions displayed below.] The balance sheets for Fantasy Football for 2021 and 2020 are provided below. Required: 1. Prepare a vertical analysis of Fantasy Football's 2021 and 2020 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 percentage answers to 1 decimal place.) Assets Current assets: FANTASY FOOTBALL Balance Sheets December 31 2021 2020 Amount % Amount % Cash $ Accounts receivable Inventory 164,000 764,000 2,148,000 $ 230,400 1,015,200 1,298,000 Supplies 168,000 122,400 Long-term assets: 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 1,116,000 (380,000) $ 4,000,000 1,116,000 (180,000) $ 3,600,000 $ 184,000 5 82,800 0 3,800 108,000 108,000 684,000 684,000 687,600 2,034,000 Retained earnings 687,600 2,356,400 Total liabilities and stockholders' equity $ 4,000,000 $ 3,600,000 2. Prepare a horizontal analysis of Fantasy Football'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.) FANTASY FOOTBALL Balance Sheets December 31 Assets Year Increase (Decrease) 2021 2020 Amount % Current assets: Cash $ 164,000 $ Accounts receivable Inventory 784,000 2,148,000 230,400 1,015,200 1,296,000 Supplies 168,000 122,400 1,116,000 1,116,000 (380,000) (180,000) Long-term assets: 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 $ 4,000,000 $3,600,000 $ 164,000 $ 82,800 0 3,600 108,000 108,000 684,000 684,000 687,600 2,358,400 687,600 2,034,000 $ 4,000,000 $3,600,000