For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income Statements McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 2011 $16,800,000 11,500,000 $5,300,000 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense $1,770,000 1,220,000 $2,990,000 $2,310,000 256,950 $2,566,950 1,413,000 $1,153,950 $15,000,000 10,000,000 $5,000,000 $1,500,000 1,000,000 $2,500,000 $2,500,000 225,000 52,725,000 1,500,000 $1,225,000 Net income Required 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 2011 as the bese year. Round percentages to one decimal place: Use the minus Ned