Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.

Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.

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20X2 20X1 Current Assets Property, Plant, and Equipment (net) Intangibles Current Liabilities Long-Tem Liabilities Stockholders' Equity Net Sales Cost of Goods Sold Operating Expenses S76,000 S80,000 90,000 50,000 48,000 25,000 40,800 143,000 160,000 12,000 16,200 500,000 500,000 350,000 332,500 93,500 85,000