The following percentages apply to Fanning Company for 2018 and 2019: 2019 100.0% 61.0 2018 100.00 39.0 20.6 Sales Cost of goods sold Gross margin Selling and administrative expense Interest expense Total expenses Income before taxes Income tax expense Net income 22.8 13.3 Prepare a horizontal analysis of both the balance sheet and income statement. Complete this question by entering your answers in the tabs below. Analysis Bal Sheet Analysis Inc Stmt Prepare a horizontal analysis of the balance sheet. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (l.e., .234 should be entered as 23.4).) FANNING COMPANY Horizontal Analysis of Balance Sheets 2019 2018 Percentage Change Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) 17.200 21,300 55.200 136,200 26,500 256.400 28,100 271,100 30,100 329,300 585,700 $ 13,000 7,300 46,9001 143,800 10,500 221,500 21,500 256,600 25,600 303,700 525 200 Land Total long term assets Total assets $ Liabilities and Stockholders' Equity Liabilities Current liabilities $ 15,100 112,000 19,500 146,600 6,000 99,100 14,200 119,300 Current liabilities Notes payable Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Bonds payable Other Total noncurrent liabilities Total liabilities Stockholders' equity Preferred stock (par value $10,4% cumulative, nonparticipating: 6,300 shares authorized and issued) 98,300 30,000 98,300 26,400 124,700 244,000 128,300 274,900 63,000 63,000 63,000 63,000 Common stock (no par: 50,000 shares authorized; 10,000 shares issued) Retained earings Total stockholders' equity Total liabilities & stockholders' equity 184,800 310,800 585,700 155,200 281,200 525.2007 $ $ Analysis Inc Stmt > Complete this question by entering your answers in the tabs below. Analysis Bal Sheet Analysis Inc Strnt Prepare a horizontal analysis of the income statement. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (I.e., .234 should be entered as 23.4).) Percentage Change FANNING COMPANY Horizontal Analysis of Income Statements 2019 2018 Revenues Sales (net) $ 231,800 $ 210,400 Other revenues 9,400 6,100 Total revenues 241,200 216,500 Expenses Cost of goods sold 119,100 102,100 Selling, general, and administrative expenses 53,700 49,500 Interest expense 6,100 5,300 Income tax expense 22,100 21,100 Total expenses 201,000 178,000 Net income (loss) 40,200 $ 38,500 ( Analysis Bal Sheet