2. The financial data below shows the performance of Henry Ltd. for 2015 and 2016 Henry Ltd. Comparative Income Statement for the year ended 31 December 2015 and 2016 2016 2015 Sales 2,996,000 2,400,000 - Cost of goods sold (2.086,000) (1,640,000) 910,000 760,000 Expenses: Sales Distribution Administrative 382,000 208,000 12,000 294,000 194,800 24,000 Revenue: Discount received Operating income 17,000 320,000 22,000 271,200 Income before tax (-) Income tax 325,000 143,000 269,200 116,200 Net income 182,000 153,000 Henry Ltd. Comparative Balance Sheet as at 31 December 2015 and 31 December 2016 2016 2015 Asset Non-current assets Building 889,000 940,000 Machine 190,000 235,000 Vehicle 100,000 100,000 Current assets Cash 500,000 400,000 Account receivable 600,000 666,000 Total assets 2,279,000 2,461,000 Equity Ordinary shares 1,000,000 1,000,000 Preferred shares 300,000 300,000 Retained earnings 359,000 275,000 Liabilities Non-current liabilities Deferred tax 100,000 200,000 Bank loan 100,000 200,000 Current liabilities Account payable Note payable 220,000 200,000 286,000 200,000 Total equity and liabilities 2,279,000 2,461,000 Required: 1. Prepare a horizontal analysis of the income statement of Henry Ltd. 2. Prepare a vertical analysis of the balance sheet of Henry Ltd