The Ambrose Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the averages for the industry. The CEO has given you the company's income statement and balance sheet as well as the industry average data for retailers. (Click the icon to view the income statement.) [ (Click the icon to view the balance sheet.) Read the requirements. . . . Requirement 1. Prepare a vertical analysis for Ambrose for both its income statement and balance sheet. Begin by preparing a vertical analysis for Ambrose for its income statement. (Round the percent of total amounts to one decimal place, X.X, and do not enter the %%. For example, enter 10.1% as 10.1.) Ambrose Department Stores, Inc. Income Statement Year Ended December 31, 2024 Amount Percent of Total Net Sales Revenue $ 779,000 %Data table Ambrose Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2024 Industry Ambrose Average Net Sales Revenue 779,000 100.0 % Cost of Goods Sold 525,825 65.8 Gross Profit 253,175 34.2 162,811 19.7 Operating Expenses Anarating InRAMA an 261II qubll y Ambrose Average Net Sales Revenue $ 779,000 100.0 % Cost of Goods Sold 525.825 65.8 Gross Profit 253,175 342 Operating Expenses 162311 19-7 Operating Income 90,364 14_5 Other Expenses 3-895 0-4 0 Net Income $ 86,469 14.1 A, Data table Ambrose Current Assets $ 289,820 Property, Plant, and Equipment, Net 110,080 Intangible Assets, Net 9,030 Other Assets $4.; M $ 430,000 Industry Average 70.9 % 23.6 0.8 4.7 100.0 % Current Liabilities $ 198,660 48.1 % Long-term Liabilities 98,040 16.6 Total Liabilities 296,700 64.7 Stockholders Equity 133,300 35.3 Total Liabilities and Stockholders' $ 430,000 100.0 % Equity- X Requirements 1. Prepare a vertical analysis for Ambrose for both its income statement and balance sheet. 2. Compare the company's profit performance and financial position with the average for the industry.Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Operating Income Other Expenses Net Income Amount Percent of Total $ $ 779,000 525,825 253,175 162,811 90,364 3,895 86,469 % % % % % % %