CUITENLP Tool Content Here are the comparative income statements of Ivanhoe Corporation. IVANHOE CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $624,100 $523,300 Cost of goods sold 462,100 405,800 Gross Profit 162,000 117,500 Operating expenses 72,300 44,300 Net income $ 89,700 $ 73,200 (a) Prepare a horizontal analysis of the income statement data for Ivanhoe Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) IVANHOE CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 Amount Percentage 2022 2021 Net sales $624,100 $523,300 $ Cost of goods 462,100 405,800 sold Gross 162,000 117,500 Profit Operating 72.300 44,300 expenses Net income $ 89,700 $ 73,200 $ (b) Prepare a vertical analysis of the income statement data for Ivanhoe Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) IVANHOE CORPORATION Condensed Income Statements 2022 2021 Percent Percent % $523,300 Net sales $624,100 Cost of goods 462,100 % 405,800 sold 162,000 % 117,500 Gross Profit Operating expenses Net income 72,300 % 44,300 $ 89,700 % $ 73,200