Data for the most recent four fiscal years of Jingle Cats Corp. are given below:

2023 2022 2021 2020

Net sales $83,000 $75,000 $67,000 $60,000

Cost of goods sold 34,000 32,000 30,000 26,000

Gross margin $49,000 $43,000 $37,000 $34,000

Operating expenses 26,000 22,000 19,000 14,000

Net income $23,000 $21,000 $18,000 $20,000

Required

1. Prepare an analysis showing the trend percentages for the four-year period using 2017 as the base year.
2. What do the trend percentages indicate regarding Jingle Cats Corp.'s income statement data?