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 $702.000 $584,000 Cost of goods sold 475.296 550,368 151,632 Gross profit 105,704 Operating 96,576 54,896 expenses $ 54,756 $ 50,508 Net income (a) Prepare a horizontal analysis of the income statement date for Delaney Corporation, using 2019 as = base. (Show the amounts of incresse 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 $702.000 $584.000 550.368 478,296 Cost of goods sold Grass profit 151,632 105,704 96,876 54,896 Operating expenses $54.756 $50,808 Net income (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 Amount Percent Amount Percent Net sales $702,000 $584,000 Cost of goods sold 550,368 478,296 Grass profit 151,632 105,704 Operating expenses 96,876 54,896 $ 50,808 $ 54,756 Net income Click if you would like to Show Work for this question: Open Show Work