(a) Your answer is correct. Prepare a horizontal analysis of the income statement data for Concord Corporation, using 2016 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CONCORD CORPORATION Comparative Income Statement Increase or (Decrease) During 2017 2017 2016 Amount Percentage $ Net sales $638,000 $562,900 Cost of goods 452,500 434,800 % sold Gross Profit 185,500 128,100 Operating 78,700 42,800 expenses Net income $ 106,800 $ 85,300 $