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.) X Answer is complete but not entirely correct. FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year $ $ 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 2021 $ 15,400,000 6,945,400 8,454,600 1,170,400 972,400 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 Increase (Decrease) Amount % 3,300,000 21.4 6,294,200 90.6 (2,994,200) 35.9 X 400,400 34.2 0 0.0 187,400 X 0.0 1,169,300 379.6 (4,750,900) 79.1 X (1,541,100) 78.8 X (3,209,800) 79.5 X XXXOOOOOO 308,000 6,003,800 1,971,200 4,032,600 $ $ $