*Exercise 9-6 Here are the comparative income statements of Delaney Corporation, DELANEY CORPORATION Comparative Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross Profit Operating expenses Net income 2017 $598,000 477,000 121,000 80,000 $ 41,000 2016 $500,000 420,000 80,000 44,000 $36,000 Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2016 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55, 000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) DELANEY CORPORATION Comparative Income Statements Increase or (Decrease) During 2017 2017 2016 Amount Percentage Net sales $598,000 $500,000 Cost of goods sold 477,000 420,000 Gross Profit 121,000 80,000 Operating expenses 30,000 44,000 Net Income $ 41,000 $ 36,000 Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) DELANEY CORPORATION Condensed Income Statements Percent Net sales $598,000 % $500,000 Cost of goods sold 477,000 420,000 Gross Profit 121,000 30,000 Operating expenses 80,000 Net Income $ 41,000 $ 35,000