Here are the comparative income statements of Pronghorn Corp. PRONGHORN CORP Comparative Income Statement For the Years Ended December 31 2019 2018 Net sales $540,000 $450,000 Cost of goods sold 434,700 377,550 Gross Profit 105,300 72,450 Operating expenses 66,420 39,150 Net income $ 38,880 $ 33,300 (a) Prepare a horizontal analysis of the income statement data for Pronghorn 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%.) PRONGHORN CORP Comparative Income Statement Increase or (Decrease) During 2019 2019 2018 Amount Percentage Net sales $540,000 $450,000 Cost of goods sold 434,700 377,550 Gross Profit 105,300 72,450 Operating expenses 66,420 39,150 Net income $ 38,880 $ 33,300 (b) Prepare a vertical analysis of the income statement data for Pronghorn Corp for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) PRONGHORN CORP Condensed Income Statements 2019 2018 Percent Percent Net sales $540,000 $450,000 % Cost of goods sold 434,700 % 377,550 % Gross Profit 105,300 % 72,450 % Operating expenses 66,420 39,150 0% Net income $ 38,880 % $ 33,300 %