23 Prepare and analyse a income statement Lo4,5 The following income statement items are available from Bugeja Limited for the years ending 31 December: Advertising expense Commissions expense Cost of sales Income tax expense Insurance expense Interest expense Interest revenue Sales Supplies expense Salaries expense Rent expense 2017 S7765 4879 48 596 2217 4897 2584 4287 95950 1 654 19320 7634 2016 S 9789 6010 58896 2684 5236 2695 4189 106569 2 106 21012 7 856 Required a Prepare a comparative, multi-step income statement for Bugeja. Perform horizontal and vertical analyses and interpret the results. Round percentages to one decimal point(eg, 10.1%) Assume the following changes: Cost of sales in 2017, $62470 and in 2016, $45670. Does this new information change previously-made interpretations? b c