Here are the comparative income statements of Pharoah Corporation. PHAROAH CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $628,800 $533,500 Cost of goods sold 446,600 437,900 Gross Profit 182,200 95,600 Operating expenses 79,000 41,600 Net income $ 103,200 $54,000 (a) Prepare a horizontal analysis of the income statement data for Pharoah 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%.) PHAROAH CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 2022 2021 Amount Net sales $628,800 $533,500 $ Percentage % Cost of goods sold 446,600 437,900 % Gross Profit 182,200 95,600 % Operating expenses 79,000 41,600 % Net income $103,200 $54,000 $ % (b) Prepare a vertical analysis of the income statement data for Pharoah Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) PHAROAH CORPORATION Condensed Income Statements Net sales Cost of goods sold 446,600 Gross Profit 2022 Percent 2021 Percent $628,800 % $533,500 de % % 437,900 % 182,200 % 95,600 % Operating expenses 79,000 % 41,600 % Net income $103,200 % $54,000 %