Horizontal analysis of income statement For 2012. Machining reported a significant decrease in net income. At the end of the year, John Mayer, the president is presented with the following condensed comparative Income statement Macklin Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 2011 Sales $525.696 $450,000 Cost of goods sold (382,800) (290,000) Grous profit 5142,016 5166,000 Selling expenses $(53,200) $(38,000) Administrative experie (30,910) (24.000 Total operating expenses 5(84.110) 162.000) Operating income $50,706 $104,000 Other revenue 2,462 1,900 Income before income tax expense $61,248 $105.900 Income taxe pense (19.100) (1.600) Net come 144,148 $74.100 Required: 1. Prepare a comparative Income statement with ertzontal analysis for the two-year period, wong 2071 as the mean we minus von to ridicate decrease the increas/Decree)" com, required, round percentages to one decimal place. Macklin Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 2011 Increase/ Increased (Decrease) (Decrease) 2012 2011 Amount Percent Sales $325,665456,000 Cost of goods sold (382.800) 290,000) Gross profit 5142.896 3146,000 ebook Show Me How But it. Operating income Other revenue Income before income tax expense $58.786 2,462 $61,248 (17,100) $44,145 $104,000 1.900 $105.900 (31,600) 574,100 Income tax expense Net income Required: 1. Prepare a comparative income statement with thorontal analysis for the two-year period, ang 2001 as these year. Use the mission to indicate a decrease in the increase/Decree col required, round percentages to one decimal place. Macklin Inc Comparative Income Statement For the Years Ended December 31, 2012 and 2013 Increased Increase (Decrease) (Decrease) 2012 2011 Amount Percent 5525,696 456.000 Cost of goods sold (382.800) 290,000) Gross profit 3142.000 $166,000 Selling expenses 53,200) 338,000) Administrative experts (30,910) (24.000) Total operating expenses 5(84.110) $62,000) Operating income 356.786 5104,000 Other revenue 2,462 1.900 Income before income tax expense 561,240 6105.900 Income taxe pense (17.100) (31,800) Net Income 564,140 574,100 from 2011 to 2012. Sales have however the cost of soldes at a faster ratetan sales, causing the groupont 2. Net income to