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 2020 2019 Lord Company 2020 2019 $1,884,000 1,060,692 261,876 9,420 52,752 321,000 521,100 65,800 108,600 $561,000 296,208 79,662 4,488 6,732 83,200 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $10 par Retained earnings $312,400 497,600 74,400 91,200 139,200 35,800 30,000 $79,500 123,300 31,800 24,400 503,500 503,500 123,000 123,000 164,200 140,900 33,600 23,600 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 For the Year Ended December 31, 2020 Duke Company Dollars Percent Lord Company Dollars Percent Net Sales 1,884,000 100 % 561,000 100 $ % Cost of Goods Sold 1,060,692 56.3 % 296,208 52.8 % Gross Profit 823,308 43.7% 264,792 47.2 % Operating Expenses 261,876 79,662 % % Income From Operations 561,432 % 185,130 % Other Expenses and Losses Interest Expense % % Income Before Income Taxes % % Income Tax Expense % % Net Income / (Loss) % $ %