C Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Change in Dollars Percentage % Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income Current Previous $ 113,000 $ 81,500 64,500 48 250 48,500 33,250 6,400 3,200 42,100 30,050 3,650 5,050 38.450 25.000 11,535 7,500 $ 26,915 $17.500