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.) 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 $ 18,700,000 $ 15,400,000 13,239,600 6,945,400 5,460,400 8,454,600 1,570,800 1,170,400 972,400 972,400 187,000 1,477.300 308,000 1,252.900 6,003,800 430,100 1,971,200 $ 822,800 $ 4,032,600