Problem 9-1 (Part Level Submission) Here are comparative statement data for Crane Company and Sheridan Company, two competitors. All balance sh December 31, 2017, and December 31, 2016. Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Crane Company 2017 2016 $1,855,000 1,063,000 265,000 8,600 74,900 Sheridan Company 2017 2016 $596,000 291,000 89,000 3,200 35,000 Current assets Plant assets (net) Current liabilities Long-term liabilities 534,599 $512,352 863,952 820,000 108,773 124,337 186,944 147,600 136,671 $ 130,326 229,154 206,332 57,971 49,661 48,577 41,000 820,000 196,800 196,800 Common stock, $10 par Retained earnings 820,000 282,834 240,416 62,477 49,197 Your answer is correct. Prepare a vertical analysis of the 2017 income statement data for Crane Company and Sheridan Company. (Round all decimal place, e.g. 2.5%.) Condensed Income Statement For the Year Ended December 31, 2017 Crane Company Dollars Percent Sheridan Company Dollars Percent Net Sales $1,855,000 100% $596,000 100% Cost of Goods Sold 1,063,000 57.3 % 291,000 48.8% Gross Profit 792,000 42.71% 305,000 51.2 % Operating Expenses 265,000 14.3% 89,000 14.9 % Income From Operations 527,000 28.4% 216,000 36.2% Other Expenses and Losses 8,600 3,200 Interest Expense 5% .5 % 518,400 212,800 Income Before Income Taxes 27.9 % 35.796 74,900 % 35,000 Income Tax Expense 5.996 $443,500 23.9% $177,800 29.8 % Net Income / (Loss) (61) Ex Your answer is incorrect. Try again. Compute the 2017 return on assets and the return on common stockholders' equity for both companies. (Roun decimal place, e.g. 2.5%.) Crane Company Sheridan Company Return on assets 63.4% 48.6% Return on common stockholders' equity 54.1% 90.31% LINK TO TEXT LINK TO TEXT