2011 $6,060,000.00 2,020,000.00 McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 2072 2 Sales $6,787,200.00 Cost of goods sold 2,444,200.00 Gross profit $4,343,000.00 $ Selling expenses $1,125,000.00 6 Administrative expenses 711,200.00 Total operating expenses $1,836,200.00 $2,506,800.00 * Income from operations 165,000.00 9 Other income $2,671,800.00 10 Income before income tax 60,000.00 11 Income tax expense $2,611,800.00 Net income $4,040,000.00 $900,000.00 560,000.00 $1,460,000.00 $2,580,000.00 150,000.00 $2,750,000.00 50,000.00 $2,680,000.00 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year Use the minus sion to indicate an amount or percent decrease Ifrauired round percentages to one decimal place 12:50 PM 11 UUUUU McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 Increase 1 Increase (Decrease) Amount (Decrease) Percent 2 20Y2 2011 5. Sales $6,787,200.00 2,444,200.00 $4,343,000.00 $1,125,000.00 711,200.00 $6,060,000.00 2,020,000.00 $4,040,000.00 $900,000.00 560,000.00 Cost of goods sold 5 Gross profit 6 Selling expenses 7 Administrative expenses 8 Total operating expenses 9 Income from operations 10 Other income 11 Income before income tax 12 Income tax expense $1,836,200.00 $1,460,000.00 $2,580,000.00 150,000.00 $2,506,800.00 165,000.00 $2,671,800.00 60,000.00 $2,730,000.00 50,000.00 $2,611,800.00 $2,680,000.00 15 Net income