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 statement:

McDade Company
Comparative Income Statement
For the Years Ended December 31, 20Y2 and 20Y1
	20Y2	20Y1
Sales	$ 16,800,000	$ 15,000,000
Cost of goods sold	(11,500,000)	(10,000,000)
Gross profit	$ 5,300,000	$ 5,000,000
Selling expenses	$ (1,770,000)	$ (1,500,000)
Administrative expenses	(1,220,000)	(1,000,000)
Total operating expenses	$ (2,990,000)	$ (2,500,000)
Operating income	$ 2,310,000	$ 2,500,000
Other revenue	256,950	225,000
Income before income tax expense	$ 2,566,950	$ 2,725,000
Income tax expense	(1,413,000)	(1,500,000)
Net income	$ 1,153,950	$ 1,225,000

1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

McDade Company
Comparative Income Statement
For the Years Ended December 31, 20Y2 and 20Y1
			Increase/(Decrease)
	20Y2	20Y1	Amount	Percent
Sales	$	$	$	%
Cost of goods sold				%
Gross profit	$	$	$	%
Selling expenses	$	$	$	%
Administrative expenses				%
Total operating expenses	$	$	$	%
Operating income	$	$	$	%
Other revenue
Income before income tax expense	$	$	$	%
Income tax expense				%
Net income	$	$	$	%