Exercise 14-6 Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $663,000 $548,000 Cost of goods sold 521,781 455,388 Gross profit 141,219 92,612 Operating 92,157 52,060 expenses $ 49,062 $ 40,552 Net income (a) Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) DELANEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2020 2020 2019 Amount Percentage Net sales $663,000 $548,000 $4 Cost of goods sold 521,781 455,388 Gross profit 141,219 92,612 Operating expenses 92,157 52,060 Net income $49,062 $40,552 % (b) Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.3%.) DELANEY CORPORATION Condensed Income Statements 2020 2019 Percent Amount Amount Percent Net sales $663,000 $548,000 521,781 Cost of goods sold 455,388 Gross profit 141,219 92,612 Operating expenses 92,157 52,060 $ 49,062 $ 40,552 Net income in Click if you would like to Show Work for this question: he Open Show Work