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 2041 2012 2011 Sales $341,120 $304,000 Cost of goods sold 239.400 190,000 Gross profit $101.720 $114,000 Selling expenses $34,450 19,740 $26,000 16,000 Administrative expenses $54,190 $42.000 Total operating expenses Income from operations $47,530 $72,000 Other revenue 1,664 1,300 Income before income tax $49,194 13,800 $35,394 $73,300 22,000 Income tax expense Net income $51,300 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, 20Y2 and 2041 2012 2011 Difference - Amount Difference. Percent Sales $341,120 $304,000 $ Cost of goods sold 239,400 190,000 Gross profit $101,720 $114,000 Selling expenses $34,450 19,740 $26,000 16,000 Administrative expenses $12,000 Total operating expenses $54,190 Income from operations $47,530 Other revenue 1,664 Income before income tax $49,194 Income tax expense 13,800 Net income $35,394 $72,000 1,300 $73,300 22,000 $51,300