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: Sales McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other revenue Income before income tax expense Income tax expense Net income 20Y2 $ 16,800,000 (11,500,000) $ 5,300,000 $ (1,770,000) (1,220,000) $ (2,990,000) $ 2,310,000 256,950 20Y1 $15,000,000 (10,000,000) $ 5,000,000 $ (1,500,000) (1,000,000) $ (2,500,000) $2,500,000 225,000 $2,725,000 $ 2,566,950 (1,413,000) (1,500,000) $ 1,153,950 $ 1,225,000 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place. For those boxes in which you must enter subtracted or negative numbers use a minus sign. McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 Increase/(Decrease)