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 % 2021 Net sales $ 15,400,000 Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax 2022 18,700,000 $ 13,239,600 5,460,400 1,570,800 972,400 187,000 1,477,300 1,252,900 430,100 822,800 $ 6,945,400 8,454,600 1,170,400 972,400 308,000 6,003,800 1,971,200 4,032,600 Income tax expense Net income $