ta are as of December 31, 2017 and December 31, 2016. Problem 13-1A Here are comparative statement data for Ivanhoe Company and Pharoah Company, two competitors. All Ivanhoe Company Pharoah Company 2017 2016 2017 2016 Net sales $1,913,000 $603,000 Cost of goods sold 1,061,000 Operating expenses 264,000 Interest expense 7,600 Income tax expense 65,600 289,000 A Current assets Plant assets (net) Current liabilities Long-term liabilities 726,924 1,174,764 147,905 254,198 $696,674 1,115,000 169,067 200,700 185,839 311,593 280,561 78,826 66.05255.250 Common stock, $10 Retained earnings 1,115,000 1,115,000 384,386326,907 267,600 ,954 66,896 Prepare a vertical analysis of the 2017 income statement data for Ivanhoe Company and Pharoah Company. (Round a Condensed Income Statement For the Year Ended December 31, 2017 Ivanhoe Company Dollars Percent Pharoah Company Dollars Percent Net Sales $1,913,000 100% $603,000 107.9 % Cost of Goods Sold 1,081,000 57.9% 289,000 51.7 T Gross Profit 832,000 44.6 % 314,000 56.2 Operating Expenses 264,000 14.1|| % 89,000 15.9 Income From Operations 568,000 30.4% 225,000 40.3 TOther Expenses and Losses Interest Expense 7,600 1,900 | Income Before Income Taxes el 560,400 30|| % 223,100 2 Income Tax Expense 65,600 3.5% 31,000 Net Income /(Loss) $494,800 26.5 % $192,100 34.4 % LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. Compute the 2017 return on assets and the return on common stockholders' equity for both companies. (Round a Ivanhoe Company Pharoah Company Return on assets Return on common stockholders' equity Click If you would like to Show Work for this question: Open Show Work