Here are the comparative income statements of Indigo Corporation. INDIGO CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $552,000 $460,000 Cost of goods sold 429,456 376,280 Gross profit 122,544 83,720 Operating expenses 71,760 39,100 Net income $50,784 $44,620 (a) Prepare a horizontal analysis of the income statement data for Indigo Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) Question1 401 4 INDIGO CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $552,000 $460,000 $ % Cost of goods sold 429,456 376,280 % Gross profit 122,544 83,720 % Operating expenses 71,760 39,100 % Net income $50,784 $44,620 $ % -75 (b) Prepare a vertical analysis of the income statement data for Indigo Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) Net sales $552,000 INDIGO CORPORATION Condensed Income Statements 2022 Percent % $460,000 2021 Percent % Cost of goods sold 429,456 % 376,280 % Gross profit 122,544 % 83,720 % Operating expenses 71,760 % 39,100 % Net income $50,784 % $44,620 %