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 201 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense Net income Required: 2012 2011 $677,152 $608,000 471,200 380,000 $205,952 $228,000 $66,300 $51,000 38,910 32,000 $105,210 $83,000 $100,742 $145,000 3,221 2,600 $103,963 29,100 $74,863 $147,600 44,300 $103,300 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 Previous