Here are the comparative income statements of Indigo Corporation. INDIGO CORPORATION Comparative Income Statement For the Years Ended December 31 2020 2019 $552.000 Net sales Cost of goods sold Gross Profit $460,000 376,280 429,456 122,544 83,720 39.100 Operating expenses 71,760 Net income $ 50,784 $ 44.620 Prepare a horizontal analysis of the income statement data for Indigo Corporation, using 201 are a decrease show the numbers as negative, eg: -55,000, 20% or (55,000). (20%). Round perc PORATION (a) Prepare a horizontal analysis of the income statement data for Indigo Corporation, using 2019 as a base. (If amount are a decrease show the numbers as negative, e.g. -55,000,-20% or (55,000), (20%). Round percentages to 1 decimal ple INDIGO CORPORATION Comparative Income Statement Increase or (Decrease) During 2020 Amount Percentage 2020 2019 Net sales $552,000 $460,000 $ 8 Cost of goods sold 429,456 376,280 96 Gross Profit 122,544 83,720 9 71,760 Operating expenses % 39,100 $ 50,784 Net income $ 44,620 $ (b) Prepare a vertical analysis of the income statement data for Indigo Corporation for both years. (Round percentages to I decimal (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%.) INDIGO CORPORATION Condensed Income Statements 2020 2019 Percent $ Percent % 96 $460,000 $552,000 Net sales 376,280 % 96 429,456 Cost of goods sold 83,720 95 % Gross Profit 122,544 % 39.100 Operating expenses 71,760 % $ 44,620 Net income $ 50,784