Here are the comparative condensed income statements of Sheffield Corporation. Sheffield Corporation Condensed Income Statements For the Years Ended December 31 2022 2021 Net sales $768,000 $645.000 Cost of goods sold 599.040 520,515 Gross profit 168,960 124.485 Operating expenses 105,216 62,340 Net income $ 63,744 $ 62 145 (a) Prepare a horizontal analysis of the income statement data for Sheffield 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 numbers. 15-45% on parentheses eg. (451(45%) Round percentages to 1 decimal place, ag. 12,3%) SHEFFIELD CORPORATION Condensed Income Statements Increase or (Decrease) During 2022 2022 2021 Amount Perceritage 99 Net salos $768,000 $645,000 96 Cost of goods sold 599.040 520,515 Gross profit 168.960 124 485 Operating expenses 105.216 62340 Net Income $62145 $63.744 90 $ (b) Prepare a vertical analysis of the income statement data for Sheffield Corporation for both years. (Round percentages to 1 decimal place, es. 123%) SHEFFIELD CORPORATION Condensed Income Statements 2022 2021 Amount Percent Amount Percent % $768,000 % Net sales $645,000 % 599,040 520,515 9 Cost of goods sold % 124 485 % Gross profit 168,960 % 62,340 % 105,216 Operating expenses 96 9 $ 62,145 Net income $ 63.744