1. Use the information in the Income statement for XYZ for years 2019, 2018 to perform a horizontal analysis for the company. 2018 CHANGE % Revenue Cost of goods sold Gross profit Sales and marketing Administrative Operating Expenses Depreciation Operating Income Interest Expense Income before taxes Income tax expense Net Income 2017 (BASE YEAR) $54,000 22,000 32,000 1,000 900 30,100 150 29,950 500 29,450 1,100 28,350 $67,000 29,000 36,000 2,200 1,100 32,700 550 32,150 750 31,400 1,550 29,850