Calculator Print Item Show Me How eBook For 20Y2, McDade Company reported a dedine in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 201 Sales $706,976 $617,000 Cost of goods sold 390,000 507,000 Gross profit $199,976 $227,000 Selling expenses $71,500 $52,000 Administrative expenses 41,910 33,000 Total operating expenses $113.410 $85,000 Income from operations $86,566 $142,000 Other income 3,193 2,600 Income before income tax $89,759 $144,600 Income tax expense 25,100 43,400 Net income $64,659 $101,200 Required: 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Use the minus sign to indicate a decrease in the "Difference" columns. If required, round to one decimal place. McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 202 20Y1 Difference- Amount Difference- Percent Sales $706,976 $617,000 507,000 390,000 Cost of goods sold $199,976 $227,000 Gross profit Selling expenses $71,500 $52,000 41.910 33,000 Administrative expenses Total operating expenses $113,410 $85,000 $142,000 Income from operations $86,566 2.600 3,193 Other income Income before income tax $89,759 $144.600 $ 25,100 43,400 Income tax expense $64,659 $101,200 Net income Feedback