CengageNOWv2 | Online teaching and learning resource from Cengage Learning enow.com/ilrn/takeAssignment/takeAssignmentMain.do? invoker=&takeAssignmentSessionL... eBook Show Me How Print Item Income before income tax $295,400 $200,000 Income tax expense 65,000 50,000 Net income $230,400 $150,000 Required: 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Ro decimal place. Use the minus sign to indicate a decrease in the "Difference" columns. Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Difference - Amount Difference - Percent Sales $910,000 $700,000 $ % Cost of goods sold 441,000 350,000 % Gross profit $469,000 $350,000 $ % Selling expenses 139,150 115,000 Administrative expenses 99,450 85,000 % Total operating expenses $238,600 $200,000 Income from operations $230,400 $150,000 Other income 65,000 50,000 Income before income tax $295,400 $200,000 $ ce non En Ann Check My Work