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 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 Net income Required 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. Use the minus sign to indicate a decrease in the "Increase (Decrease)" columns $733,184 539,600 $193,584 $77,780 44,100 121,880 $71,704 3,349 $75,053 21,000 $54,053 $608,000 380,000 $228,000 $51,000 32,000 $83,000 $145,000 2,600 $147,600 44,300 $103,300 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. Use the minus sign to indicate a decrease in the "Increase (Decrease)" columns McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Difference Amount Difference Percent Sales Cost of goods sold Gross profit Selling expenses Administrative expenses 44,100 32,000 Total operating expenses $121,880 $83,000 Income from operations $71,704 $145,000 Other revenue Income before income tax $75,053 $147,600 Income tax expense Net income $733,184 $608,000 539,600 380,000 $193,584 $228,000 $77,780 $51,000 3,349 2,600 21,000 44,300 $54,053 $103,300