Horizontal Analysis of Income Statement For 20Y2, Macklin Inc. reported a significant increase 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 202 201 Sales $910,000 $700,000 Cost of goods sold 441,000 350,000 Gross profit $469,000 $350,000 Selling expenses $115,000 $139,150 Administrative expenses 99,450 85,000 Total operating expenses $238.600 $200,000 Income from operations $230,400 $150,000 Other revenue 65,000 50,000 Income before income tax $295,400 $200,000 Income tax expense 65.000 50,000 Net income $230,400 $150,000 Required: 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round to one decimal place. Use the minus sim to indicate a decrease in the "Difference" columns. Mackin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Dfference- Amount Difference- Percent Sales $910,000 $700,000 441,000 350,000 Cost of goods sold $469,000 $350,000 Gross profit $139,150 $115,000 Selling expenses 85,000 99,450 Administrative expenses Total operating expenses $238,600 $200,000 Income from operations $230,400 $150,000 65,000 50,000 Other nue Income before income tax $295,400 $200,000 Income tax expense 65,000 50,000 $230,400 $150,000 Net income 2. Net income has ; however, cost of goods sold, selling, and administrative expenses hay from 20Y1 to 20Y2. Net sales have at a rate, causing