For 2014, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando, the president, is presented with the following condensed comparative income statement: 1. FIELDER INDUSTRIES INC. Comparative Income Statement For the Years Ended December 31, 2014 and 2013 2014 2013 Amount Percent Amount Percent Sales $1,325,000 $1,200,000 Sales returns and allowances 25,000 20,000 Net sales $1,300,000 $1,180,000 Cost of goods sold 682,500 613,600 Gross profit $617,500 $566,400 Selling expenses $260,000 $188,800 Administrative expenses 169,000 177,000 Total operating expenses $429,000 $365,800 Income from operations $188,500 $200,600 Other income 78,000 70,800 Income before income tax $266,500 $271,400 Income tax 117,000 106,200 Net income $149,500 $165,200 14.0% 2. [Key essay answer here] Instructions: 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to net sales for each of the years. Round to one decimal place. 2. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1)