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.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) Amount % 2022 2021 $ $ 18,400,000 13,358,400 5,041,600 Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax 15,100,000 6,764,800 8,335,200 1,102,300 901,600 1,490,400 901,600 128,800 1,398,400 1,122,400 368,000 754,400 347,300 5,984,000 1,887,500 4,096,500 Income tax expense Net income $ $