Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019. Duke Company Lord Company 2020 2019 2020 2019 Net sales $1,878,000 $559,000 Cost of goods sold 1,040,412 296,829 Operating expenses 261,042 78,260 Interest expense 9,390 3,913 Income tax expense 54,462 6,708 Current assets 322,500 $313,000 82,300 $79,800 Plant assets (net) 521,400 498,500 138,300 126,000 Current liabilities 64,200 76,000 34,400 29,000 Long-term liabilities 108,000 91,400 31,000 24,400 Common stock, $10 par 496,500 496,500 123,000 123,000 Retained earnings 175,200 147,600 32,200 29,400 (a) Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, e.g. 12.1%.) Condensed Income Statement choose the accounting period For the Year Ended December 31, 2020 Duke Company Lord Company Dollars Percent Dollars Percent select an income statement item Net Sales $enter your answer in dollars $1,878,000 enter your answer in percentages rounded to 1 decimal place 100 % $enter your answer in dollars enter your answer in percentages rounded to 1 decimal place % select an income statement item Cost of Goods Sold enter your answer in dollars 1,040,412 enter your answer in percentages rounded to 1 decimal place 55.4 % enter your answer in dollars enter your answer in percentages rounded to 1 decimal place % select a closing name for section one Gross Profit enter a total amount for section one 837588 enter your answer in percentages rounded to 1 decimal place 44.6 % enter a total amount for section one enter your answer in percentages rounded to 1 decimal place % select an income statement item Operating Expenses enter your answer in dollars 261,042 enter your answer in percentages rounded to 1 decimal place % enter your answer in dollars enter your answer in percentages rounded to 1 decimal place % select a closing name for section two Income From Operations enter a total amount for section two 576546 enter your answer in percentages rounded to 1 decimal place % enter a total amount for section two enter your answer in percentages rounded to 1 decimal place % select an opening name for section three Other Expenses and Losses select an income statement item Interest Expense enter your answer in dollars 9,390 enter your answer in percentages rounded to 1 decimal place % enter your answer in dollars enter your answer in percentages rounded to 1 decimal place % select a summarizing line for the first part Income Before Income Taxes enter a total amount for the first part 567156 enter your answer in percentages rounded to 1 decimal place % enter a total amount for the first part enter your answer in percentages rounded to 1 decimal place % select an income statement item Income Tax Expense enter your answer in dollars 54,462 enter your answer in percentages rounded to 1 decimal place % enter your answer in dollars enter your answer in percentages rounded to 1 decimal place % select a closing name for this statement Net Income / (Loss) $enter a total net income or loss amount 512694 enter your answer in percentages rounded to 1 decimal place % $enter a total net income or loss amount enter your answer in percentages rounded to 1 decimal place % eTextbook and Media Attempts: 0 of 3 used (b1) The parts of this question must be completed in order. This part will be available when you complete the part above