Exercise 9-1A (Algo) Horizontal analysis LO 9-1 Gibson Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Gibson Corporation's income statement components between the two years. (Negative amounts should be indicated by a minus sign. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4).) GIBSON CORPORATION Income Statements Year 3 Year 2 Percentage Change Sales $ 1,298,000 $ 1,001,500 % Cost of goods sold 798,2701 600,900 Gross margin 499,730 400,600 Operating expenses 302,500 199,000 Income before taxes 197,230 201,600 Income taxes 61,300 52.200 Net income (loss) $ 135,930 $ 149,400 %