Financial statements for Allendale Company follow:

Required
Prepare a horizontal analysis of the balance sheet and income statement for 2019 and 2018. Round percentages to one decimal point.

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ALLENDALE COMPANY Balance Sheets As of December 31 2019 2018 Assets Current assets $40,000 20,000 54,000 135,000 25,000 274,000 27,000 270,000 29,000 $600,000 $36,000 6,000 46,000 143,000 10,000 241,000 20,000 255,000 24,000 $540,000 Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Llabllitles and Stockholders' Equlty Liabilities Current liabilities Notes payable Accounts payable Salaries payable $17,000 113,800 21,000 151,800 $6,000 100,000 15,000 121,000 Total current liabilities Noncurrent liabilities 100,000 32,000 132,000 283,800 Bonds payable Other 100,000 27,000 127,000 248,000 Total noncurrent liabilities Total liabilities Stockholders' equity Preferred stock (par value $10.4% cumulative nonparticipating; 8,000 shares authorized and issued) 10,000 shares issued) Total stockholders' equity 80,000 80,000 Common stock (no par; 50,000 shares authorized; 80,000 156,200 316,200 $600,000 80,000 132,000 292,000 $540,000 Retained earnings Total liabilities and stockholders' equity ALLENDALE COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 2019 2018 Revenues Sales (net) Other revenues $230,000 8,000 238,000 $210,000 5,000 215,000 Total revenues Expenses 120,000 55,000 8,000 23,000 206,000 32,000 132,000 3,200 4,600 $156,200 Cost of goods sold 103,000 50,000 7,200 22,000 182,200 32,800 107,000 3,200 4,600 $132,000 Selling, general, and administrative Interest expense Income tax expense Total expenses Net earnings (net income) Retained earnings, January 1 Less: Preferred stock dividends Common stock dividends Retained earnings, December 31