Requirement 1. Prepare a vertical analysis for Rim for both its income statement and balance sheet. Begin by preparing a vertical analysis for Rim for its income statement. (Round the percent of total amounts to one decimal place, X.X, and do not enter the %. For example, enter 10.1% as 10.1.) Rim Department Stores, Inc. Income Statement Year Ended December 31, 2024 Amount Percent of Total Net Sales Revenue $783,000 100.0 % Cost of Goods Sold 525,393 67.1 % Gross Profit 257,607 32.9 % Operating Expenses 159,732 20.4 % Operating Income 97,875 12.5 % Other Expenses 7,047 0.9 % Net Income $90,828 11.6 % Part 2 Prepare a vertical analysis for Rim for its balance sheet. (Round the percent of total amounts to one decimal place, X.X, and do not enter the %. For example, enter 10.1% as 10.1.) Rim Department Stores, Inc. Balance Sheet December 31, 2024 Amount Percent of Total Current Assets $330,750 67.5 % Property, Plant, and Equipment, Net 127,890 26.1 % Intangible Assets, Net 5,390 1.1 % Other Assets 25,970 5.3 % Total Assets $490,000 100.0 % Current Liabilities $226,380 46.2 % Long-term Liabilities 110,740 22.6 % Total Liabilities 337,120 68.8 % Stockholders' Equity 152,880 31.2