Exercise 12-3 Prepare horizontal analysis (LO12-2) The income statements for Federer Sports Apparel for 2019 and 2018 are presented below Required Prepare a horizontal analysis for 2019 using 2018 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) Amount 2019 2018 $ 18,000,000$ 14,700,000 6,526,800 8,173,200 1,014,300 810,000 Net sales 13,500,000 4,500,000 1,386,000 810,000 54,000 1,296,000 954,000 288,000 Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax Income tax expense Net income 235,200 6,113,700 1,778,700 $ 666,000$4,335,000