For 20Y2, Macklin Inc. reported a significant decrease in net income. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement: Macklin Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 2041 20Y2 20Y1 Sales $444,108 $399,000 (250,000) Cost of goods sold (310,000) Gross profit $134,108 $149,000 Selling expenses $(44,200) $(34,000) Administrative expenses (25,540) (21,000) Total operating expenses $(69,740) $(55,000) Operating income $64,368 $94,000 Other revenue 2,128 1,700 Income before income tax expense $66,496 $95,700 Income tax expense (18,600) (28,700) Net income $47,896 $67,000 Required: 1 Drenare a romnarative income statement with horizontal analveie for the two-year narind reinn 2011 ac the hace vear llce the minne cinn to 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Use the minus sign to indicate a decrease in the "Increase/(Decrease)" columns. If required, round percentages to one decimal place. Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 Increase/ Increase/ (Decrease) (Decrease) 20Y2 20Y1 Amount Percent Sales $444,108 $399,000 % Cost of goods sold (310,000) (250,000) % Gross profit $134,108 $149,000 % Selling expenses % $(44,200) (25,540) $(34,000) $ (21,000) Administrative expenses % Total operating expenses $(69,740) $(55,000) % Operating income $64,368 $94,000 % Other revenue 2,128 1,700 % Income before income tax expense $66,496 $95,700 % Income tax expense (18,600) (28,700) % Net income $ 47,896 $67,000 % Administrative expenses (25,540) (21,000) % Total operating expenses $(69,740) $(55,000) $ % Operating income $64,368 $94,000 $ % Other revenue 2,128 1,700 % Income before income tax expense $66,496 $95,700 $ % Income tax expense (18,600) (28,700) % Net income $47,896 $67,000 % 2. Net income has from 20Y1 to 20Y2. Sales have ; however, the cost of goods sold has at a faster rate than sales, causing the gross profit to