Horizontal Analysis of Income Statement For 20Y2, Macklin Inc. reported a significant decrease in net income. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement: Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $348,612 $294,000 Cost of goods sold (262,200) (190,000) Gross profit $86,412 $104,000 Selling expenses $(36,880) $(25,000) Administrative expenses (21,470)