For the Years Fed December 31, 2017 and 1 MUY *55 LADE 00 10.14 9.00 000 112 10.17 no WEWE 12.00 Required 1. Preparatie westment with others the undertages to demon (Decreto Matte Company Comparative Income Statement For the Year Ended December 31, 2012 and 2OYE 2013 2011 Amount Die 5550.524 5400.000 Cost of goods sold T4,400 110.000 $160.124 510,000 Segex 542.000 Arranse 21,670 2.000 THI THPT titiv HH V T H 6 tecom corto 179,904 Cover 2.525 2.100 in SA 111,100 The 21100 35.400 3.700 200 como eBook Show Me How Horontal Analysis of Income Statement For 2012, 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, 2012 and 2041 20Y2 $550,524 384,000 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 $166,124 $54,600 31,620 $86,220 $79,900 2011 $494,000 310,000 $184.000 $42.000 26,000 $68,000 $116,000 2,100 $115,100 35,400 $82,700 2,575 $82,479 23.100 Net income $59,379 Required: 1. Prepare comparative income statement with horizontal analysis for the two year period, using 2011 as the based year. Round percentages to one decual place, the minus to adicate a decrease in the increase (Decrease) columns McDade Company 1. Prepare a comparative income statement with horizontal analysis for the two year period, using 20Y1 as the base Year Round percentages to one deomal place. Use the minus sion to indicate a decrease in the increase (Decrense) columns McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 2011 Difference Amount Difference Percent Sales $550,524 $494,000 $ Cost of goods sold 384,400 310,000 9 Cross profit 5166,124 $184,000 Selling expenses $54,600 42,000 Administrative expenses 31,620 26,000 Total operating expenses 586,220 $68,000 Income from operations $5,904 S110,000 Other even 2,575 2,100 Income before income tax 52.4705116,100 Income tax expense 23,100 35,400 Net come $59,379 $82,700 2. Net income has from 2011 to 2022, Sales have ; however, the cost of goods sold has