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 $497,046 $418,000 Cost of goods sold (358,800) (260,000) Gross profit $138,246 $ 158,000 Selling expenses $(51,630) $(35,000) Administrative expenses (29,520) (22,000) Total operating expenses $(81,150) $(57,000) Operating income $57,096 $101,000 Other revenue 2,173 1,800 Income before income tax expense $59,269 $102,800 Income tax expense (16,600) (30,800) Net income $42,669 $72,000 Required: 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Use the minus sign to indicate a decrease in the "Increase/(Decrease)" columns. If required, round percentages to one decimal place. Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 Increase/ Increase/ (Decrease) (Decrease) 20Y2 20Y1 Amount Percent Sales $497,046 $418,000 $ % Cost of goods sold (358,800) (260,000) % Gross profit $138,246 $ 158,000 % Selling expenses % $(51,630) $(35,000) $ (29,520) (22,000) Administrative expenses % Total operating expenses $(81,150) $(57,000) $ % Operating income $57,096 $101,000 $ Accounting numeric field Other revenue 2,173 1,800 % Income before income tax expense $59,269 $102,800 $ % Income tax expense (16,600) (30,800) % Net income $42,669 $72,000 %