Exercise 13-6 Here are the comparative income statements of Sarasota Corp.. SARASOTA CORP. Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit Operating expenses 2017 $624,100 462,100 162,000 72,300 $ 89,700 2016 $523,300 405,800 117,500 44,300 $ 73,200 Net income (a) Prepare a horizontal analysis of the income statement data for Sarasota Corp., using 2016 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%.) SARASOTA CORP. Comparative Income Statement Increase or (Decrease) During 2017 Amount Percentage 2017 2016 $523,300 Net sales $624,100 Cost of goods sold 462,100 405,800 Gross Profit 162,000 117,500 Operating expenses 72,300 44,300 Net income $ 89,700 $ 73,200 Prepare a vertical analysis of the income statement data for Sarasota Corp. for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) SARASOTA CORP. Condensed Income Statements 2017 Percent 2016 Percent $ $ $523,300 Net sales $624,100 % Cost of goods sold 462,100 405,800 Gross Profit 162,000 117,500 Operating expenses 72,300 % 44,300 Net income $ 89,700 % $ 73,200 Click if you would like to Show Work for this question: Open Show Work