Calculator Horizontal Analysis of the Income Statement Income statement data for Boone Company for tuvo recent years ended December 31, are as follows: Current Year Previous Year $450,000 $360,000 Cost of goods sold 369,000 Gross profit $81,000 $60,000 Selling expenses $23.000 $20,000 20.910 543,910 $17,000 Total operating expenses Income before income tax Income tax expenses Net income $22.200 Prepare a comparative income statement with hormonal ways in the incre for the year when compared with the previous y troured, to one despace Lot of goods Grow poole 3. Prepare a comparative income statement with honzontal analysis, indicating the increase (decrease for the current year when compared with the previous year. If required, round to one decimal place Comparative come Statement ) Acunt increase (Decrease) Percent Current year Amount Previous yer Amount increase Dec $450,000 $81.000 23,000 20,950 Ministrative expenses Tolering 10 Income before come te $37,000 Ico p e 14,100 b. The new Bone Com The roof goods sol c d ed by 61.5 ben at years. This was the continet les of 25 and rate than the increase in sales, thus causing the percentage increase in gospot to be than the percentage increase in sales