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 momparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 2012 20Y1 Sales $344,976 243,200 $304,000 190,000 Cost of merchandise sold Gross profit $101,776 $111.000 Selling expenses Administrative expenses $35,100 20,030 $26,000 16,000 Total operating expenses 542,000 $55,130 $46,646 Income from operations 572,000 1,300 1,611 Other revenue Income before income tax expense $48,257 573,300 Income tax expense 13,500 22,000 Net Income $34,757 $51,300 Required: 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 2041 as the base year. Round percentages to one decimal place. Use the minus sign to indicate a decrease in the "Difference" columns. " . McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2011 Difference Difference - Amount - Percent 2012 2011 5344,976 $304,000 Sales V Cast of merchandise sold 243,200 190,000 % Gross profit $101,776 $114,000 % Selling expenses 535,100 526,000 $ yu Administrative expenses 20,030 16.000 Total operating expenses $55,130 S42.000 90 Income from operations 546,546 $72.000 90