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 2011 Sales Cost of merchandise sold Gross profit Selling expenses Adminstrative expenses 2012 2011 $707,141 $617,000 507,000 390,0001 $200,141 $227,000 $71,500 $52,000 41,910 33,000 $85,000 $142,000 3,100 25,200 $64,711 2,000 $144,600 43.400 $101,200 Total operating expenses Income from operations Other revenue Income before income tax expense $113,410 $86,731 Income tax expense Net income Required 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 2011 as the base year Round percentages to one decimal place. Use the minus sign te indicate a decrease in the "Difference" ames McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 201 Difference Difference -Amount Percent 2012 2011