The comparative balance sheets of Waterways Corporation's Irrigation Installation Division for the years 2019 and 2020 and the income statements for the year 2019 and 2020 are presented below.

Additional Information:

85% of the sales for Waterways were credit sales. There are 5,000 shares outstanding for both years. This is a private corporation whose shares are not available to the public.

Prepare a Vertical analysis of the income statement for 2020.

Additional information The comparative balance sheets of Waterways Corporation's tripation installation Division for the year 2019 and 2020 and the income statements for the year 2019 and 2020 represented below 85% of the sales for Waterways were credit sales. There are 5,000 shares outstanding for both yours. This is private corporation whose hures are not wailable to the public WATERWAYS CORPORATION-INSTALLATION DIVISION 2020 2019 $753,400 538,000 $541,400 685,100 698,100 16,600 76,200 2,317.400 7,400 42,100 1,340,900 302,000 453,000 922,200 40,100 (480,300) 1,237,000 $3,554,400 302,000 453,000 793,400 40,100 (482,300) 1,106,200 $2,447,100 Balance Sheets December 31 Assets Current assets Cash Accounts receivable Work in process Inventory Prepaid expenses Total current assets Property, plant, and equipment Land Buildings Equipment Furnishings Accumulated depreciation Total property, plant, and equipment Total assets Llabilities and Stockholders' Equity Current walities Accounts payable Income taxes payable Wages payable Interest payable Other current liabilities Revolving bank loan payable Total current liabilities Long-term liabilities Note payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $129,900 79,500 2,000 $158,300 101,400 4,600 1,200 14,400 14,900 294,800 15,300 225,700 141,000 435,800 225,700 1,250,000 1,868,600 3,118,600 $3,554,400 1,250,000 971,400 2,221,400 $2,447,100 WATERWAYS CORPORATION-INSTALLATION DIVISION Income Statements For the Year Ending December 31 2020 2019 Sales $5,554,214 $4,964,400 Less: Cost of goods sold 3,147,800 2,818,600 Gross profit 2,406,414 2,145,800 Operating expenses Advertising 50,400 48,400 Insurance 397,900 397,900 Salaries and wages 588,600 558,600 Depreciation 72,500 63,500 Other operating expenses 21,200 18,483 Total operating expenses 1,130,600 1,086,883 Income from operations 1,275,814 1,058,917 Other income Gain on sale of equipment 18,000 Other expenses Interest expense (12,100) Income before income tax 1,281,714 1,058,917 Income tax expense 384,514 317,675 Net income $897,200 $741,242 Prepare a vertical news of the income Matement for 2020. (Hound percentage vares to decima 52.7. Entertailhar a mereceding membre (3) WATERWAYS CORPORATION INSTALLATION DIVISTON Income Statement Percent Amount 55.554,214 Less Cost of goods 3,147 200 2,406,414 Gns pront Operating expert Advertising Trsurance 50,400 397,900 Salaries and wages 588,600 Depreciation 72,500 21,200 Other operating expenses 1,130,000 1.275,614 Total operating expenses Income from operations Our income Gen on sale of equipment Other expenses Interest expense 16.000 (12.100) 1,281.714 Income before income tax 384,514 Income tac expense 5897,200 et income