Here are the comparative income statements of Sheridan Corporation. Sheridan Corporation Comparative Income Statements For the Years Ended December 31 2022 2021 Net sales $656,000 $542,000 Cost of goods sold 516,272 449,318 Gross profit 139.728 92,682 Operating expenses 91.184 51.490 Net income $ 48,544 $41.192 (a) Prepare a horizontal analysis of the income statement data for Sheridan Corporation, using 2021 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number eg. -45,-45% or parentheses eg. (45),(45%). Round percentages to 1 decimal place, eg. 12.3%) SHERIDAN CORPORATION Condensed Income Statements For the Years Ended December 31 Increase or (Decrease) During 2022 Amount Percentage 2022 2021 Net sales $656.000 $542,000 114000 09 % Cost of goods sold 516,272 449,318 66954 % Gross profit 139.728 92.682 47046 % Operating expenses 91.184 51,490 39694 i %6 Net income $48,544 $41.192 $ 7352 % (b) Prepare a vertical analysis of the income statement data for Sheridan Corporation for both years. (Round percentages to 1 decimal place, eg. 12.3%) SHERIDAN CORPORATION Condensed Income Statements For the Years Ended December 31 2022 2021 Amount Percent Amount Percent Net sales $656,000 100 % $542,000 100 % Cost of goods sold 516,272 % 449,318 % Gross profit 139.728 % 92,682 96 Operating expenses 91.184 % 51,490 % Net income % %% $ 48,544 $ 41,192 e Textbook and Media tomt nimited