1. value: 1.00 points Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Year Ended December 31 Change in Dollars Percentage Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income Current $ 108,000 62,000 46,000 7,400 38,600 3,400 35,200 10,560 $ 24,640 Previous $ 79,000 47,000 32,000 3,700 28,300 4,550 23,750 7,125 $ 16,625 2 Ann