Following is the income statement for Lifetime, Inc for the years ended December $31,2022$ and $2023$:Lifetime, Inc.Income StatementFor the years ended December $31,202320232022$Net sales $$ $$108,249$ $ $65,225$Cost of goods sold$64,43139,541$Gross Margin$$ $ $43,81825,684$Research and Development $2,4291,782$Selling and Administrative expenses $7,5995,517$Operating income$$ $ $33,790$ $ $18,385$Other income $($expenses$,$ net$)415155$Income before taxes $$ $$34,205$ $ $18,540$Income taxes $8,2834,527$Net income$$ $ $25,922$ $ $14,013$Required: $(30$ points$)($see the worksheet in Module $7$ for a problem like this one$).$a$.$ Prepare a trend analysis of the income statements from $2022$ and $2023.$ Use the format shown in Figure $13\mathrm{.}1$ on p$.887$ in the text.$$ Round percent computations to one decimal place.b$.$ Prepare a common size analysis of the income statement for $2023$ only.$$Use the format shown Figure $13\mathrm{.}5$ on p$.897$ in the text. $$Round percent computations to one decimal place.$$