Horizontal Analysis for Income Statement For 2013, Greyhound Technology Company reported its most significant decline in net income in years. At the end of the year, Duane Vogel, the president, is presented with the folowing condensed comparative income statement: GREYHOUND TECHNOLOGY COMPANY Comparative Income Statement For the Years Ended December 31, 2013 and 2012 2013 2012 Sales $662,000 $785,000 Cost of goods sold (650,000) (500,000) Gross profit $212,000 $285,000 Selling expenses $ (44,000) $(40,000) Administrative expenses (27,000) Total operating expenses $ (1,000) Income in operations $141,000 (25,000) $(65,000) $220,000 Other revenue 2.300 2,000 $143.300 $222,000 (13,000) $130,300 (20,000) $202,000 Income before income tax Income tax expense Net income Instructions 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 2012 as the base year. Enter decreases as negative amounts and negative percentages. Round percentage changes to one decimal place. Greyhound Technology Company Comparative Income Statement For the Years Ended December 31, 2013 and 2012 Increase (Decrease) Increase (Decrease) Percent Amount 000 2013 2012 Sales $862,000 $785,000 Cost of goods sold (650,000) (500,000) $212,000 $285,000