Exercise 13-6 Here are the comparative income statements of Cheyenne Corp. CHEYENNE CORP Comparative Income Statement For the Years Ended December 31 Net sales $640,400 $584,700 Cost of goods sold 463,600 439,100 Gross Profit 176,800 145,600 ating expenses 79,100 Net income 97,700 96,900 Prepare a horizontal analysis of the income statement data for Cheyenne Corp., using 2016 as a base. (ur amount and percentage are a decrease show th 55, ooo, -20% or (55,000), (20%). Round percentages to 1 decinal place, e.g. 12.1%.) CHEYENNE CORP Comparative Income statement Increase or (Decrease) During 2017 2017 Percentage $640,400 $584,700 Cost of goods sold 463,600 439,100 145,600 176,800 operating expenses s 97,700 s 96,900 Net income a