Horizontal Analysis of Comparative Financial Statements Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows: Miller Electronics Corporation Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 20-1 Net Sales (all on account) st of goods sold Gross profit Administrative expenses Selling expenses Total operating expenses Operating income Interest expense Income before income taxes $659,750 388,780 $270,970 $65,315 67,677 $132,992 $137,978 1,258 $136,720 31,736 $104,984 $426,050 251,620 $174,430 $43,018 44,413 $87,431 $86,999 1,177 $85,822 12,852 $72,970 ncome tax expense Net income Miller Electronics Corporation Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 20-1 Assets urrent assets: Cash Receivables (net) Merchandise inventory Supplies and prepayments $43,552 73,939 91,984 3,745 $213,220 $22,202 47,360 50,177 1,138 $120,877 Total current assets operty, plant, and equipment: Office equipment (net) Factory equipment (net) Total property, plant, and equipment $11,552 105,131 $116,683 $329,903 $8,020 70,650 $78,670 $199,547 Total assets