Here are the comparative income statements of Sarasota SARASOTA CORP. Comparative Income Statement For the Years Ended December 31 2019 2018 Net sales $588,000 $490.000 Cost of goods sold 449.820 402,780 Gross Profit 138.180 87.220 Operating expenses 85,260_ 46.550 Net income $ 52.920 $ 40,670 (a) Prepare a horizontal analysis of the income statement data fc decrease show the numbers as negative, e.g. -55,000, -20% or (55 SARASOTA Comparative Inco 2019 2018 Net sales $588.000 $490,000 $ (a) Prepare a horizontal analysis of the income statement data for Sarasota Corp, using 2018 as a base. (If amount and percentas decrease show the numbers as negative, e.g. - 55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, es, 12.1%) SARASOTA CORP. Comparative Income Statement Increase or (Decrease) During 2019 Amount Percentage 2019 $588,000 2018 $490,000 $ % 449,820 402.780 X Net sales Cost of goods sold Gross Profit Operating expenses Net income 138,180 87,220 % 85,260 46,550 $ 52.920 $ 40,670 $ 96 IN (b) Prepare a vertical analysis of the income statement data for Sarasota Corp. for both years. (Round percentages to 1 decimal place, es 12.1%) SARASOTA CORP Condensed Income Statements 2019 Percent 2018 Percent Net sales $588,000 96 $490,000 Cost of goods sold 449,820 30 402,780 Gross Profit 138,180 * 87.220 96 Operating expenses 85,260 % 46.550 Net income $ 52.920 % $ 40,670 26 e Textbook and Media