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, 20Y2 and 20Y1 20Y2 2011 Sales $536,904 $456,000 Cost of goods sold 394,400 290,000 Gross profit $142,504 $166,000 < Selling expenses $55,100 $38,000 Administrative expenses i 31,780 24,000 Total operating expenses $86,880 $62,000 Income from operations $55,624 $104,000 Other revenue 2,335 1,900 Income before income tax) $57,959 $105,900 Income tax expense 16,200 $41,759 31,800. $74,100 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 to indicate a decrease in the "Increase (Decrease)" columns McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2011