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The comparative condensed income statements of Emley Corporation are shown below EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross profit Operating expenses Net income 2017 $679,800 497,490 182,310 128,750 $ 53,560 2016 $617,000 432,600 184,400 123,600 $60,800 Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base. (Enter negative amounts and percentages using either a negative sign preceding the number e.g.-45,-4596 or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.396.) EMLEY CORPORATION Increase or (Decrease) During 2017 2017 2016 Amount Percenta Net sales $679,800 $617,000 Cost of goods sold 497,490 432,600 182,310 184,400 Operating expenses 128,750 123,600 $53,560 $60,800 Gross proft 1% Net income 1% Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years. (Round percentages to 1 decimal place, e.g 12.3%.) EMLEY CORPORATION 2017 2016 Percent Amount % $617,000 % 432,600 184,400 % 123,600 % $60,800 Percent Amount $679,800 Cost of goods sold 497,490 182,310 Operating expenses 128,750 53,560 Net sales Gross proft Net income