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	$867,160		$731,000
Cost of goods sold	(634,800)		(460,000)
Gross profit	$232,360		$271,000
Selling expenses	$(91,450)		$(62,000)
Administrative expenses	(52,340)		(39,000)
Total operating expenses	$(143,790)		$(101,000)
Operating income	$88,570		$170,000
Other revenue	3,906		3,100
Income before income tax expense	$92,476		$173,100
Income tax expense	(25,900)		(51,900)
Net income	$66,576		$121,200

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.