Here are the comparative income statements of Novak Corporation. NOVAK CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 $470,000 Net sales $564,000 Cost of goods sold 447,252 407,960 Gross profit 116,748 62,040 Operating expenses 79,524 43,710 Net income $ 37,224 $ 18,330 (a) Prepare a horizontal analysis of the income statement data for Novak Corporation, using 2021 as a base. (If amount and percentage are decrease show the numbers as negative, eg.-55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, eg. 12.1%.) NOVAK CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $564,000 $470,000 $ Cost of goods sold 447,252 407,960 % Gross profit 116,748 62,040 Operating expenses 79,524 43,710 % Net income $ 37,224 $ 18,330 $ (b) Prepare a vertical analysis of the income statement data for Novak Corporation for both years. (Round percentages to 1 decimal place, eg. 12.1%) NOVAK CORPORATION Condensed Income Statements 2022 2021 $ Percent Percent Net sales $564,000 % $470.000 % Cost of goods sold 447,252 % 407.960 % Gross profit 116,748 % 62.040 % Operating expenses 79,524 % 43.710 % Net income $ 37,224 $ 18,330 %