Horizontal Analysis of Income Statement For 2012, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 2012 2011 Sales $358,112 $304,000 Cost of goods sold 258,400 190,000 Gross profit $99,712 $114,000 Selling expenses $37,700 $26,000 Administrative expenses 21,180 16,000 Total operating expenses $58,880 $42,000 Income from operations $40,832 $72,000 Other revenue 1,583 1,300 Income before income tax $42,415 $73,300 Income tax expense 11,900 22,000 Net Income $30,515 $51,300 Required: 1. Prepare a comparative Income statement with horizontal analysis for the two-year period, using 2071 as the base vear. Round percentages to one decimal place. Use the minus sign to indicate a decrease in the "Increase (Decrease}" columns McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 2011 Difference - Amount Difference - Percent Sales $358,112 $304,000 % Cost of goods sold 258,400 190,000 % Gross profit $99,712 $114,000 Selling expenses $37,700 $26,000 % Administrative expenses 21,180 16,000 Total operating expenses $58,880 $42,000 % Income from operations $40,832 $72,000 Other revenue 1,583 1,300 % Income before income tax $42,415 $73,300 % Income tax expense 11,900 22,000 % Net income $30,515 $51,300 % from 20Y1 to 2042. Sales have , however, the cost of goods sold has causing the 2. Net income has gross profit to