Information from Halloran Company's Income Statement and Balance Sheets for the years 2013-2017 is presented. HALLORAN COMPANY Comparative Income Statements For Years Ended December 31, 2017-2013 ($ thousands) 2017 2016 2015 2014 2013 $ 1,271 $ 1,122 $ 1,028 $ 948 $ 935 $ Sales 890 Cost of goods sold 774 $ 677 $ 602 $ 564 Gross profit 336 $ 348 $ 351 $ 347 $ 326 248 $ 192 $ 128 $ 176 $ 176 $ 219 $ Operating expenses 110 Net income $4 89 $ 156 $ 216 HALLORAN COMPANY Comparative Ba lance Sheets December 31, 2017-2013 ($ thousands) 2017 2016 2015 2014 2013 Assets Cash $ 58 $ $ 63 $ 350 $ 270 $ 903 $ 774 $ 11 $ 59 $ 62 $ 66 Accounts receivable, net 368 $ 386 $ 239 Merchandise inventory $ 1,379 $ 1,023 $ 702 Other current assets 27 $ 24 $ 26 $ 21 Long-term investments $ 110 $ 110 $ 1,515 $ 1,511 $ 1,314 $ $ 3,346 $ 3,002 $ 2,639 $ 1,950 $ 1,871 Plant assets, net 708 $ 734 Total assets Liabilities and Equity 539 $ $ 915 $ $ Current liabilities 782 $ 461 $ 410 Long-term liabilities 971 $ 855 $ 834 $ 428 435 $ 750 $ 202 $ $ Common stock 750 750 $ 638 638 188 $ 128 $ 329 $ 188 $ Other paid-in capital Retained earnings Total liabilities and equity 128 $4 509 $ $ 3,346 $ 3,002 $ 2,639 $ 1,950 $ 1,871 428 $ 297 $ 261 Questions 1. Use these statements to calculate trend percentages for all components of both statements using 2013 as the base year. 2. Prepare a memo to the CEO of Halloran company summarizing your findings about the financial health of the company, using your calculations from above as evidence to support your conclusions.