2. Osgood Company provided the following income statement for 2013 and 2014: 2014 $ 220,000 $ 156.000 64,000 2013 160,000 105.000 55,000 Sales Cost of goods sold Gross margin Less operating expenses: Selling and administrative expenses Interest expense Income before tax Income tax expense Net income 26,000 2,000 36,000 10,800 25,200 $ 15.000 3,000 37.000 11.100 25.900 S Required: (a) Perform horizontal analysis on Osgood's income statements for 2013 and 2014. Round your answer to one decimal place (i.e. 22.4%)