Exercise 12-2A Prepare vertical analysis (LO12-1) The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a vertical analysis of the data for 2022 and 2021. (Round your percentage answers to 1 decimal place.) % FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 2022 Amount % $ 19,000,000 $ 13,110,000 5,890,000 1,653,000 1,045,000 247,000 1,558,000 1,387,000 494,000 $ 893,000 $ 2021 Amount 15,700,000 7,127,800 8,572,200 1,240,300 1,051,900 Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax Income tax expense Net income 0 329,700 5,950,300 2,056,700 3,893,600 Exercise 12-3A Prepare horizontal analysis (LO12-2) The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) ing Increase (Decrease) Amount % Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax Income tax expense Net income FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year 2022 2021 $ 19,400,000 $ 16,100,000 12,920,400 7,373,800 6,479,600 8,726,200 1,765,400 1,336,300 1,144,600 1,144,600 329,800 1,668,400 289,800 1,571,400 5,955,500 582,000 2,173,500 $ 989,400 $ 3,782,000