Here are the comparative income statements of Georgia Development Corporation.

Here are the comparative income statements of Georgia Development Corporation. GEORGIA DEVELOPMENT CORPORATION Condensed Income Statements For the Years Ended December 31 December 31, 2017 December 31, 2016 Net sales $600,000 $500,000 Cost of goods sold 414,000 350,000 Gross profit 186,000 150,000 Operating expenses 150,000 120,000 Net income $36,000 $30,000 Prepare a horizontal analysis of the income statement data for Georgia Development Corporation using 2016 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -12,1% or (55,000), (12.1%). Round percentages to 1 decimal place, e.g. 12.1%.) GEORGIA DEVELOPMENT CORPORATION Condensed Income Statements For the Years Ended December 31 Increase or (Decrease) During 2017 December 31, 2017 December 31, 2016 Amount Percentage $600,000 $500,000 $ Net sales Cost of goods sold 414,000 350,000 Gross profit 186,000 150,000 Operating expenses 150,000 120,000 Net income $36,000 $30,000 $ Prepare a vertical analysis of the income statement data for Georgia Development Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) GEORGIA DEVELOPMENT CORPORATION Condensed Income Statements For the Years Ended December 31 2017 Percent $600,000 % $500,000 2016 Percent Net sales Cost of goods sold 414,000 % 350,000 Gross profit 186,000 % 150,000 Operating expenses 150,000 120,000 Net income $36,000 $30,000