Here are the comparative income statements of Sheridan Corporation. SHERIDAN CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $634,000 $568,100 Cost of goods sold 459,200 430,800 Gross Profit 174,800 137,300 Operating expenses 77,300 40,900 Net income $ 97,500 $ 96,400 (a) Prepare a horizontal analysis of the income statement data for Sheridan 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%.) Net sales SHERIDAN CORPORATION Comparative Income Statement 2022 2021 $634,000 $568,100 $ Cost of goods sold 459,200 430,800 Gross Profit 174,800 137,300 Operating expenses 77,300 40,900 Net income $ 97,500 $ 96,400 $ Increase or (Decrease) During 2022 Amount Percentage do % % de % do % % (b) Prepare a vertical analysis of the income statement data for Sheridan Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) Net sales S $634,000 Cost of goods sold 459,200 Gross Profit SHERIDAN CORPORATION Condensed Income Statements 2022 Percent $ % $568,100 % 430,800 174,800 % 137,300 Operating expenses 77,300 % 40,900 2021 Percent % do % do do Net income $ 97,500 % $ 96,400 %