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Question 8 The comparative condensed income statements of Emley Corporation are shown below. EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2015 Net sales 2014 $599,380 $498,190 Cost of goods sold 485,130 419,890 Gross profit 114,250 78,300 55,410 45,080 $ 58,840 $ 33,220 Operating expenses Net income Prepare a horizontal analysis of the income statement data for Emley Corporation using 2014 as a base. (Round percentages to 1 decimal place, e.g. 12.3%.) EMLEY CORPORATION Condensed Income Statements For the Years Ended December 31 Increase or (Decrease) During 2015 2015 2014 Amount Percentage $ Net sales $599,38 0 $498,19 0 % Cost of goods sold 485,130 419,890 % Gross profit 114,250 78,300 % Operating 55,410 45,080 expenses % $ Net income $58,840 $33,220 % LINK TO TEXT Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years. (Round percentages to 1 decimal place, e.g. 12.3%.) EMLEY CORPORATION Condensed Income Statements For the Years Ended December 31 2015 Amount Net sales 2014 Percent Amount $498,19 0 $599,380 % Cost of goods sold 485,130 % 419,890 % Gross profit 114,250 % 78,300 % Operating expenses 55,410 Percent % 45,080 % Net income $ 58,840 % $ 33,220 % Click if you would like to Show Work for this question: % Open Show Work