The following information for Golden Valley Furniture, a retail furniture and design firm. Golden Valley Furniture Balance Sheets December 31 2021 December 31 2020 Assets Current assets: Cash $41,328 $52,376 Accounts receivable 571,704 445,196 5,035,128 4,812.045 82.656 78,564 5,730,816 5,388,181 1.157.184 1.158,819 $6,888,000 $6,547,000 $599,256 $628,512 Inventory Prepaid expenses Total current assets Building and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Bank loan payable Other accrued payables Total current liabilities Long-term debt Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity 681,912 621,965 213,528 314,256 1,494,696 1,564,733 1,722,000 1,813,519 3,216,696 3,378,252 1,363,824 1,363,824 2,307,480 1,804,924 3,671,304 3,168,748 Total liabilities and stockholders' equity $6,888.000 $6,547,000 Golden Valley Furniture Statement of Earnings Year Ended December 31, 2021 Year Ended December 31, 2020 Net sales $5,531,000 $5,299,000 Cost of goods sold 2,820,810 2,644,201 2,710,190 2,654,799 497,790 635,880 Gross margin Operating expenses: Selling expenses General and administrative expenses Total operating expenses Operating income 835,181 778,953 1,332,971 1,414,833 1,377,219 1,239,966 Interest expense 138,275 158,970 Income before taxes 1,238,944 1,080,996 Income taxes 247.789 216,199 Net income $991,155 $864,797 Perform a vertical analysis of the income statements for Golden Valley Furniture. (Round answers to 1 decimal place, eg. 5.2%) Golden Valley Furniture Statement of Earnings Year Ended December 31, 2021 Year Ended December 31, 2020 Net sales $5,531,000 % $5,299,000 Cost of goods sold 2,820,810 96 2,644,201 Gross margin 2,710,190 % 2,654,799 Operating expenses: Selling expenses 497,790 % 635,880 General and administrative expenses 835,181 % 778.953 Total operating expenses 1,332,971 % 1.414,833 Operating income 1,377,219 % 1.239.966 Interest expense 138,275 9 158,970 Income before taxes 1,238,944 % 1,080,996 Income taxes 247.789 % 216,199 Net income $991,155 % $864.797