Exercise 18-06 Hare are the comparative income statements of Delaney Corporation. Delaney Corparation For the Year Faded Degem 2020 2019 Net sales $722,000 $602.000 st of goods sole 565,326 491.232 110.768 Gross profit 156.674 Operating 99.636 55,986 $57,038 $54.782 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 pla e.g. 12.3%.) Condensed Income Statemyent Increase or (Decrease) During 2020 2020 2019 Amount Percentage Net sales $722.000 $602.000 Cost of goods sold 491 232 565.326 Gross profit 156,674 110.768 Oparating epenses 99.636 55.986 $57,038 s54.782 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 $722,000 $602,000 Cost of goods sold 565,326 491,232 % Gross profit 110,768 156,674 99.636 55,986 Operating expenses 54,782 $57,038 Net income %