Overview In this module, we focus on the income statement. We will examine revenue and its recognition, expenses, and other qualitative aspects of operations for the two project companies, Illinois Tool Works and Parker Hannifin. The analysis will also address the balance sheet accounts related to revenue: accounts receivable and deferred revenue. Income Statement Analysis $-$ Big Picture $($a$)$ Using each company's Excel financial statements, prepare a common$-$sized income statement on the income statement tab for both companies. To prepare a common$-$sized income statement, divide each item on the income statement by total revenues, net. This is also called vertical analysis. $($b$)$ Determine the year over year $\%$ change for each item on the income statement. This is also called horizontal analysis. Enter the results for both companies using the following tables. Note: Enter the percent rounded to one digit after the decimal; for example, enter $8\mathrm{.}4$ for $8\mathrm{.}44\%,$ or $8\mathrm{.}5$ for $8\mathrm{.}45\%.$ Parker Hannifin Consolidated Statement of Income Common Size $($Vertical Analysis$)$ June $30,2022$ June $30,2021$ June $30,2020$Parker Hannifin Consolidated Statement of Income Horizontal Analysis June $30,2022$ June $30,2021$