The comparative financial statements for Tesla Inc. for the years ended December 31, 2022, 2021, and 2020 are given below.

Tesla Inc. Comparative Income Statements	2022	2021	2020
Sales	$600,000,000	$500,000,000	$400,000,000
Cost of goods sold	$400,000,000	$340,000,000	$280,000,000
Gross profit	$200,000,000	$160,000,000	$120,000,000
Operating expenses	$100,000,000	$90,000,000	$80,000,000
Income from operations	$100,000,000	$70,000,000	$40,000,000
Interest expense	$20,000,000	$15,000,000	$10,000,000
Income before taxes	$80,000,000	$55,000,000	$30,000,000
Income tax expense	$24,000,000	$16,500,000	$9,000,000
Net income	$56,000,000	$38,500,000	$21,000,000

Tesla Inc. Comparative Balance Sheets	2022	2021	2020
Assets
Current assets	$120,000,000	$110,000,000	$100,000,000
Long-term investments	$80,000,000	$70,000,000	$60,000,000
Property and equipment, net	$300,000,000	$250,000,000	$200,000,000
Total assets	$500,000,000	$430,000,000	$360,000,000
Liabilities and Equity
Current liabilities	$80,000,000	$70,000,000	$60,000,000
Long-term debt	$200,000,000	$170,000,000	$140,000,000
Common stock	$100,000,000	$100,000,000	$100,000,000
Retained earnings	$120,000,000	$90,000,000	$60,000,000
Total liabilities and equity	$500,000,000	$430,000,000	$360,000,000

Requirements:

1. Convert the income statement data to common-size percentages for each year.
2. Convert the balance sheet data to common-size percentages for each year.
3. Calculate Tesla's debt-to-equity ratio for each year and analyze the trend.
4. Discuss the implications of Tesla's profitability and capital structure trends.