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Horizontal Analysis of Income Statement For 2042, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, les presented with the following condensed comparative income statement McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 2012 2013 Sales 5582,930 5513,000 Cost of merchandise sold 409,500 320,000 Gross pro 5173,330 5193,000 Selling expenses $58,050 543,000 Administrative expenses 33,800 27,000 Total operating en $91,850 $70,000 Income from operations $81,480 5123,000 Other revenue 2,662 2,200 Income before income tax expense 584142 $125,200 Income tax expense 23,600 37,600 $60.542 587 600 Net income Required: 1. Prepare a comparative Income statement with horizontal analysis for the two year period, uning 2071 as the bare year. Round percentages to one decimal place. Use the minus sign to indicate a decrease in the Difference columns McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 Difference Difference - Amount - Percent 2012 2011 Sales 5582,930 5513,000 Cost of merchandise sota 409,600 320,000 % Gross prome 5173,330 5193,000 Selling expenses $58,050 543,000 Administrative expenses 33,800 27,000 Total operating expenses $91,850 $70,000 Income from operations 581480 5123,000 S Other revenue 2,662 2,200 Income before income tax expense $84,142 5125,200 5 Income tax expense 23,600 37,600 Net income $60,542 587,600