15 Int ellook Pr References Prepare a horizontal analysis of both the balance sheet and income statement. Complete this question by entering your answers in the tabs below. Analysis Bal Analysis Inc Sheet Stmt Prepare a horizontal analysis of the income statement. (Negative answers should be indicated by a minus sign. Round your percentage answers to 1 decimal place. (ie., 0.234 should be entered as 23.4).) ALLENDALE COMPANY Horizontal Analysis of Income Statements Mc Graw Hill Revenues Sales (net) Other revenues Year 4 Year 3 % Change $ 230,000 $210,000 % 8,000 5,000 238,000 215,000 Total revenues Expenses Cost of goods sold 120,000 103,000 Selling, general, and administrative expenses 55,000 50,000 Interest expense 8,000 7,200 Income tax expense 23,000 22,000 Total expenses Net income (loss) 206,000 182.200 $ 32,000 $ 32,800 %