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 your percentage answers to 1 decimal place.) 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 19,600,000 S 16,300,000 12,818,400 7,498,000 6,781,600 8,802,000 1.822,800 1,385,500 1,195,600 1,195,600 372,400 1,724.800 260,800 1,666,000 5,960,100 627,200 2,233, 100 S 1,038,800 S 3,727,000