42 min. ER End Time: 04:02 PM/ Remaining: Exercise 18-4 The comparative condensed income statements of Emley Corporation are shown below. EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2016 $712,800 $648,000 455,600 192,400 129,600 62,800 2017 Net sales Cost of goods sold Gross proft Operating expenses Net income 521,640 191, 160 135,000 56,160 Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base. percentages to 1 decimal place, eg, 12.3%.) EMLEY CORPORATION During 2017 2017 2016 Amount Percentage Net sales $712,800 $648,000 Cost of goods sold 521,640 455,600 191,160 192,400 Operating expenses 135,000 129,600 Gross proft Net income $56,160 $62,800 Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both year EMLEY CORPORATION Income Statements e 9 TIMER End Time: 04:02 PM/Remainings 41 min. Income Statements RCES Increase or (Decrease) During 2017 2016 Amount Percentage 2017 $712,800 $648,000 Net sales Cost of goods sold Gross profit Operating expenses 521,640 191,160 192,400 135,000 $56,160 $62,800 455,600 129,600 Net income a vertical analysis of the income statement data for Emley Corporation in columnar form for both years. (R EMLEY CORPORATION 2017 2016 Amount Percent cetAmount %$648,000 % 455,600 % 192,400 % 129,600 % $62,800 mounPercent Net sales $712,800 Cost of goods sold 521,640 Gross proft Operating expenses 135,000 Net income Click if you would like to Show Work for this question: Open Show Work 191,160 56,160