Question 2 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 $1,812,000 $559,000 Cost of goods sold 1,020,156 297,388 Operating expenses 269,988 78,819 Interest expense 9,060 4,472 Income tax expense 54,360 6,708 Current assets 324,000 $313,600 83,200 $78,900 Plant assets (net) 521,400 499,400 139,200 124,500 Current liabilities 65,600 75,800 35,800 29,200 Long-term liabilities 108,400 89,000 28,800 25,400 Common stock, $10 497,000 497,000 124,500 124,500 par Retained earnings 174,400 151,200 33,300 24,300 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 Duke Company Dollars Percent Lord Company Dollars Percent 96 S 96 96 96 % 96 96 % % 96 90 96 96 % S