Exercise 12-3A Prepare horizontal analysis (L012-2) 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 percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL ces Income Statement For the Years Ended December 31 Year Increase (Decrease) Amount % $ Not Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write down Loss (litigation) Income before tax Income tax exponse Net Income 2022 19,400,000 $ 12.920 400 6,479,600 1.765.400 1.144,600 329,800 1,668 400 1,571,400 582 000 989,400 5 2021 16,100,000 7373,800 8,726 200 1,336,300 1 144,600 289,800 5,955,500 2.173,500 3,782,000 $