Chpt 12 - Exercises i 3 1.14 points References Mc Graw Hill Saved The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare a horizontal analysis for 2025 using 2024 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) 2025 2024 Amount % Net sales $ 19,100,000 $ 15,800,000 Cost of goods sold 13,064,400 7,189,000 Gross profit 6,035,600 8,611,000 Operating expenses 1,680,800 1,264,000 Depreciation expense 1,069,600 1,069,600 Inventory write-down 267,400 Loss (litigation) 1,585,300 347,600 Income before tax 1,432,500 5,929,800 Income tax expense 515,700 2,085,600 Net income 916,800 3,844,200 < Prev 3 of 7 Next > Help Save & Exit Submit 1 Check my work