Here are the comparative Income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $643,000 $530,000 Cost of goods 506,041 sold 440,960 Gross profit 136,959 89,040 Operating 89,377 50,350 expenses Net Income $ 47,582 $ 38,690 (a) Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 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%.) DELANEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2020 Amount Percentage 2020 2019 Net sales $643,000 $530,000 % Cost of goods sold 506,041 440,960 % Gross pront 136,959 89,040 %6 Operating expenses 89,377 50,350 %6 Net Income $47,582 $38,690 % (b) Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.3%.) DELANEY CORPORATION Condensed Income Statements 2020 Percent 2019 Percent Amount Amount Net sales $643,000 $530,000 96 506,041 Cost of goods sold 440,960 96 20 Gross pront 136,959 89,040 % % % Operating expenses 89,377 % 50,350 96 Net Income $ 47,582 $ 38,690 96 Click If you would like to Show Work for this question: Open Show Work