Here are the comparative condensed income statements of Crane Corporation. Crane Corporation Condensed Income Statements For the Years Ended December 31 2022 2021 Net sales $702,000 $584,000 Cost of goods sold 550,368 478,296 Gross profit 151,632 105,704 Operating expenses 96,876 54,896 Net income $54,756 $50,808 (a) Prepare a horizontal analysis of the income statement data for Crane Corporation, using 2021 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45,-45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) CRANE CORPORATION Condensed Income Statements For the Years Ended December 31 Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $702,000 $584,000 906 % Cost of goods sold 550,368 478,296 % Gross profit 151,632 105,704 % Operating expenses 96,876 54,896 % Net income $54,756 $50,808 $ % (b) Prepare a vertical analysis of the income statement data for Crane Corporation for both years. (Round percentages to 1 decim place, e.g. 12.3%.) CRANE CORPORATION Condensed Income Statements For the Years Ended December 31 2021 2022 Amount Percent Amount Percent Net sales $702,000 100.0 % $584,000 100.0 % Cost of goods sold 550,368 % 478,296 906 % Gross profit 151,632 % 105,704 % Operating expenses 96,876 % 54,896 % Net income $ 54,756 % $ 50,808 % eTextbook and Media