Horizontal Analysis of Income Statement For 2012, Mackin Inc. 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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Tutal operating expenses Operating Income Other revenue Income before income tax expense Income tax expense Net income Required: 2012 2011 $760,212 (533,200) $227,012 $584,000 (430,000) $254,000 $(75,400) $(58,000) (43,780) (36,000) $119,180) $(94,000) $107,832 3,721 $111,553 $160,000 2,900 $162,900 (31,200) (48,900) 180,353 $114,000 3. Prepare a comparative income statement with horizontal analysis for the two-year period, using 2011 as the base year. Use the minus sign to indicate a decrease in the "Increase/(Decrease)" columns If required, round percentages to ane decimal place Macklin Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 201