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 20Y1 2012 20Y1 Sales $486,332 $418,000 Cost of goods sold 348,400 260,000 Gross profit $137,932 $158,000 $49,880 $35,000 Selling expenses Administrative expenses 28,730 $78,610 22,000 $57,000 $101,000 Total operating expenses Income from operations Other revenue Income before income tax Income tax expense $59,322 2,329 1,800 $61,651 $102,800 17,300 30,800 Net income $44,351 $72,000 Required: 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. Use the minus sign to indicate a decrease in the "Increase (Decrease)" columns. McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Difference - Amount Difference - Percent $486,332 $418,000 % 348,400 260,000 % Sales Cost of goods sold Gross profit $137,932 $158,000 $ % Selling expenses $49,880 $35,000 % Administrative expenses 28,730 22,000 % Total operating expenses $78,610 $57,000 % Income from operations $59,322 $101,000 % Other revenue 2,329 1,800 % Income before income tax $61,651 $102,800 $ % Income tax expense 17,300 30,800 % Net income $44,351 $72,000 $ % Net income increased $72,000 % decreased 2. Net income has of goods sold has from 20Y1 to 2042. Sales have causing the gross profit to ; however, the cost