Problem 13-1A (Part Level Submission) Here are comparative statement data for Crane Company and Sheridan Company, two competitors. All balance sheet data are as of December 31, 2017, and December 31, 2016 Crane Company Sheridan Company 2017 2016 2017 2016 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense $1,855,000 1,063,000 265,000 8,600 74,900 $596,000 291,000 89,000 3,200 35,000 Current assets Plant assets (net) Current liabilities Long-term liabilities 534,599 $512,352 136,671 $ 130,326 863,952 820,000 229,154 206,332 108,773 124,337 186,944 147,600 57,971 49,661 48,577 41,000 Common stock, $10 par 820,000 820,000 196,800 196,800 Retained earnings 282,834 240,416 62,477 49,197 Prepare a vertical analysis of the 2017 income statement data for Crane Company and Sheridan Company. (Round all ratios to 1 decimal place, e.g. 2.5%.) Condensed Income Statement For the Year Ended December 31, 2017 Crane Company Sheridan Company Dollars Dollars 96 $596,000 % 291,000 % 305,000 89,000 % 216,000 Percent Percent $1,855,000 1,063,000 792,000 265,000 527,000 8,600 3,200 518,400 % 212,800