Brief Exercises: Set B Use the following information for Brief Exercises 15-24 and 15-25: Jasmine Company provided the following income statements for its first 3 years of operation: Year 1 Year 2 Net sales $5,000,000 $ 4,500,000 Less: Cost of goods sold (3,000,000) (3,250,000) Year 3 $ 4,000,000 (3,600,000) Gress margin $2,000,000 $1,250,000 Less: Operating expenses Income taxes Net income (1,420,000) (232,000) $348,000 $ 270,000 (800,000) (180,000) $ 400.000 (165,000) (134,000) $ 101,000 Tour Brief Exercise 15-24. Preparing Common-Size Income Statements by Using Base Period Horizontal Analysis Objective 1. Example 15.1 Refer to the information for Jasmine Company on the previous page. REQUIRED: Prepare common-size income statements by using Year 1 as the base period. (Note: Round answers to the nearest whole percentage.) Tour Annotations Brief Exercise 15-25. Preparing Income Statements by Using Net Sales as the Base: Vertical Analysis Objective 1 Example 15.2 Refer to the information for Jasmine Company on the previous page. Required: Prepare common-size income statements by using net sales as the base. (Note: Round answers to the nearest whole percentage.)