The following financial statements are taken from the records of Karde Inc. a) Use horizontal analysis techniques to compare the changes between 2019 and 2018 balance sheet items. Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Round all percentages to the nearest whole number (i.e. 21.61% should be entered as 22%). Karde Inc. Balance Sheet As at February 28 2019 2018 $ Change % Change Current Assets Cash $316,900 $326,100 $Answer Answer% Accounts Receivable $153,400 $193,600 $Answer Answer% Merchandise Inventory $373,500 $408,600 $Answer Answer% Short-Term Investments $85,700 $115,300 $Answer Answer% Total Current Assets $929,500 $1,043,600 $Answer Answer% Noncurrent Assets $163,000 $264,100 $Answer Answer% Total Assets $1,092,500 $1,307,700 $Answer Answer% Current Liabilities $195,600 $228,100 $Answer Answer% Long-Term Liabilities $59,100 $97,900 $Answer Answer% Total Liabilities $254,700 $326,000 $Answer Answer% Stockholders Equity $837,800 $981,700 $Answer Answer% Total Liabilities and Equity $1,092,500 $1,307,700 $Answer Answer% b) Perform a vertical analysis of the income statement for 2018, stating all income statement items as a percentage of net sales. Karde Inc. Income Statement For the Year Ended February 28 2019 Sales $697,000 Answer% Cost of Goods Sold $243,950 Answer% Gross Profit $453,050 Answer% Operating Expenses Administrative Expense $20,600 Answer% Selling Expense $79,900 Answer% Total Operating Expenses $100,500 Answer% Other Income and Expenses Interest Expense $19,300 Answer% Income Before Income Tax $333,250 Answer% Income Tax Expense $99,975 Answer% Net Income $233,275 Answer%