Exercise 144 The comparative condensed income statements of Emley Corporation are shown below. EMLEY CORPORATION Comparative Condensed Income Statements For the Year Ended December 31 2017 OIL 2016 Net sales S 706,200 S 642,000 Cost of goods sold 515,810 Gross profit 190,390 Operating expenses 133,750 Net income $ 56,640 449,400 192,600 128400 $ 64,200 (a) Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base (Enter negative amounts and percentages using either a negative sign preceding the number eg. 45, 45% or parentheses eg (45), (45%). Round percentages to decimal place, e.g. 12.3%.) EMLEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2017