(a) As the assistant accounting manager for Jefferson Airplane Parts, Inc., construct an income statement with vertical analysis for the first quarter of 2019 from the following information: gross sales, $240,000; sales discounts, $44,500; beginning inventory, Jan. 1,$86,500; ending inventory, March 31,$103,100; net purchases, $76,800; total operating expenses, $108,000; and income tax, $14,650. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc. Income Statement (b) You have just received a report with the second-quarter figures. Prepare a comparative income statement with horizontal analysis for the first and second quarter of 2019: gross sales, $296,000; sales discounts, $41,300; beginning inventory, April 1,$103,100; ending inventory, June 30,$96,580; net purchases, $84,320; total operating expenses, $126,600; and income tax, $16,500. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc