Horizontal Analysis of Income Statement For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $542,400 $456,000 Cost of goods sold 400,200 290,000 $142,200 $166,000 Gross profit Selling expenses Administrative expenses $56,050 $38,000 24,000 32,210 Total operating expenses $88,260 Income from operations $53,940 $62,000 $104,000 1,900 Other income 2,280 $56,220 $105,900 Income before income tax Income tax expense Net income 15,700 31,800 $40,520 $74,100 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 "Difference" columns. If required, round to one decimal place. McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 20Y2 20Y1 Difference - Amount Difference - Percent Sales $542,400 $456,000 % Cost of goods sold 400,200 290,000 % Gross profit $142,200 $166,000 % Selling expenses $56,050 $38,000 $ % Administrative expenses 32,210 24,000 % Total operating expenses $88,260 $62,000 % Income from operations $53,940 $104,000 Other income 2,280 1,900 Income before income tax $56,220 $105,900 Income tax expense 15,700 31,800 Net income $40,520 $74,100 % % % % % from 20Y1 to 20Y2. Sales have ; however, the cost of goods sold has , causing the 2. Net income has gross profit to