Vertical analysis of balance sheet Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $2,800,000 $1,840,000 Property, plant, and equipment 5,200,000 6,072,000 Intangible assets 2,000,000 1,288,000 Current liabilities 1,800,000 1,380,000 Long-term liabilities 3,600,000 3,680,000 Common stock Retained earnings 980,000 3,620,000 920,000 3,220,000 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. When required, round percentages to one decimal place. Alvarez Company Comparative Balance Sheet For the Years Ended December 31 Line Item Description Current Year Amount Current Year Percent Previous Previous Current assets $2,800,000 Property, plant, and equipment 5,200,000 Intangible assets 2,000,000 19 Year Amount 65 X% $1,840,000 56 X % 6,072,000 X % 1,288,000 Year Percent 20% 66 % 14 % Total assets $10,000,000 100 % $9,200,000 100 % Current liabilities $1,800,000 Long-term liabilities Common stock Retained earnings 3,600,000 980,000 3,620,000 20 X% $1,380,000 34 X % 3,680,000 9.2 X % 920,000 36.8 X % 3,220,000 15 % 40 % 10 % 35 % Total liabilities and stockholders' equity $10,000,000 100 % $9,200,000 100 %