B) Condensed Income Statement

Here are the comparative income statements of Pina Colada Corporation PINA COLADA CORPORATION Comparative Income Statements For the Years Ended December 31 December 31, 2022 Net sales $720,000 Cost of goods sold 461,000 Gross profit 259.000 Operating expenses 144,000 Net income $115,000 December 31, 2021 $555,000 413,000 142,000 122,000 $20,000 Prepare a horizontal analysis of the income statement data for Pina Colada Corporation using 2021 as a base. (if amount and percentage are a decrease show the numbers as negative, os -55,000, -12.1% or (55,000. (12.1%). Round percentages to 1 decimal place, as 12.1%) PINA COLADA CORPORATION Comparative Income Statements For the Years Ended December 31 Increase or (Decrease) During 2022 December 31, 2022 December 31, 2021 Amount Percentage Net sales $720,000 $555,000 $ Cost of goods sold 461,000 413.000 Gross profit 259.000 142.000 Operating expenses 144,000 122.000 Net income $115.000 $20,000 $