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 2041 20Y2 20Y1 Sales $748,338 $636,000 400,000 544,000 Cost of goods sold Gross profit $204,338 $236,000 Selling expenses $78,300 45,020 $54,000 34,000 Administrative expenses $123,320 Total operating expenses Income from operations Other income $81,018 3,356 $88,000 $148,000 2,700 $150,700 45,200 Income before income tax Income tax expense $84,374 23,600 $60,774 Net income $105,500 Required: 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 2042 2041 Difference - Amount Difference - Percent $748,338 $636,000 $ 544,000 400,000 Sales Cost of goods sold Gross profit $204,338 $236,000 Selling expenses $78,300 $54,000 Administrative expenses 45,020 34,000 Total operating expenses $123,320 $88,000 $ Income from operations $81,018 $148,000 Other income 3,356 2,700 Income before income tax $84,374 Income tax expense 23,600 $150,700 S 45,200 Net income $60,774 $105,500 from 20Y1 to 20Y2. Sales have ; however, the cost of goods sold has 2. Net income has causing the gross profit to