Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit Operating expenses Net income 2019 $636,000 497,988 138,012 90,312 $ 47,700 2018 $530,000 458,450 71,550 45,050 $ 26,500 Prepare a horizontal analysis of the income statement data for Bridgeport Corp., using 2018 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) BRIDGEPORT CORP. Comparative Income Statement Increase or (Decrease) During 2019 Amount Percentage 2019 2018 $530,000 Net sales $636,000 Cost of goods sold 497,988 458,450 Gross Profit 138,012 71,550 Operating expenses 90,312 45,050 Net income $ 47,700 $ 26,500 (b) (b) Prepare a vertical analysis of the income statement data for Bridgeport Corp. for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) BRIDGEPORT CORP. Condensed Income Statements 2019 2018 Percent $ Percent Net sales $636,000 % $530,000 Cost of goods sold 497,988 458,450 Gross Profit 138,012 % 71,550 Operating expenses 90,312 % 45,050 Net income $ 47,700 % $ 26,500 Click if you would like to Show Work for this question: Open Show Work