The comparative balance sheet of Ferry Company appears below: FERRY COMPANY Comparative Balance Sheet December 31, - . Assets 2017 2018 $ 322 Current assets $280 Plant assets.... 678 520 .. .. Total assets $1,000 $800 Liabilities and stockholders' equity Current liabilities. $180 $120 Long-term debt 240 160 320 Common stock. 320 260 200 Retained earnings Total liabilities and stockholders' equity . $1,000 $800 Instructions: (a) Using horizontal analysis, show the percentage change for each balance sheet item using 2004 as a base year. (b) Using vertical analysis, prepare a common size comparative balance sheet. Solution