eBook Show Me How Calculator Print Item Horizontal Analysis of the Income Statement Income statement data for Boone Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $425,000 $340,000 Cost of goods sold 366,000 300,000 Gross profit $59,000 $40,000 Selling expenses $17,250 $15,000 Administrative expenses 14,760 12,000 Total operating expenses $32,010 $27,000 $26,990 Income before income tax $13,000 5,200 Income tax expenses 10,800 $7,800 $16,190 Net income a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Boone Company Comparative Income Statement For the Years Ended December 31 Increase (Decrease) Amount Increase (Decrease) Percent Previous vear Amount Current year Amount $340.000 $425,000 Sales 200 000 266 000 Cort nd.celd eBook Show Me How Calculator Print Item Net income $16,190 $7,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Boone Company Comparative Income Statement For the Years Ended December 31 Current year Amount Previous year Amount Increase (Decrease) Amount Increase (Decrease) Percent Sales $425,000 $340,000 Cost of goods sold 366,000 300,000 Gross profit $59,000 $40,000 Selling expenses 17,250 15,000 Administrative expenses 14,760 12,000 Total operating expenses $32.010 $27,000 Income before income tax $26,990 $13,000 Income tax expense 10,800 5,200 $16,190 Net income $7,800 Fesdack r Checa My Work