Comparative Income Statement Use the following comparative income statement form to enter amounts you identify from the computations on the Liquidity and Solvency Measures part and on the Profitability Measures part. Compute any missing amounts and complete the horizontal analysis columns. Enter percentages as decimal amounts, rounded to one decimal place. When rounding, look only at the figure to the right of one decimal place. If <5, round down and if 5, round up. For example, for 32.048% enter 32.0%. For 32.058% enter 32.1%. Comparative Income Statement For the Years Ended December 31, 20Y6 and 20Y5 Increase/(Decrease) 20Y6 20Y5 Amount Percentage Sales 8,270,000 $7,277,000 993,000 13.65 X % Cost of goods sold 4,100,000 (3,444,000) 656,000 19.05 X% Gross profit $ 4,170,000 $3,833,000 337,000 8.79 X % Selling expenses 1,819,400 $(1,455,400) 364,000 25.01 X % Administrative expenses (1,240,500) (1,104,500) 136,000 12.31 X % Total operating expenses 3,059,900 $(2,559,900) 500,000 19.53 X % Operating income 1,110,100 $1,273,100 -163,000 -12.80 % Other expense (interest) 127,000 (120,600) 6,400 5.31 X % Income before income tax expense 983,100 $1,152,500 -169,400 -14.70 % Income tax expense 186,720 (180,720) 6,000 3.32 X % Net income 796,380 $971,780 -175,400 -18.05 X %