Exercise 18-4 The comparative condensed income statements of Emley Corporation are shown below. EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2016 $785,400 $715,800 574,770 499,800 210,630 216,000 148,750 142,800 61,880 73,200o 2017 Net sales Cost of goods sold Gross profit Operating expenses Net income Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base. (Enter negative amounts and percentages using number e.g.-45,-45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place' eg. 12.39%) EMLEY CORPORATION Condensed Income Statements For the Years Ended December 31 Increase or (Decrease) During 2017 2017 2016 Amount Percentage $785,400 $715,800 $ Net sales Cost of goods sold 574,770 499,800 Gross profit Operating expenses 148,750 142,800 210,630 216,000 Net income $61,880 $73,200