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 $808,704 $741,000 Cost of goods sold 564,000 470,000 Gross profit $244,704 $271,000 Selling expenses $77,500 $62,000 Administrative expenses 46,020 39,000 Total operating expenses $123,520 $101,000 Income from operations $121,184 $170,000 Other revenue 3,918 3,100 Income before income tax $125,102 $173,100 Income tax expense 35,000 51,900 Net income $90,102 $121,200 Required: Question Content Area 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place. Use the minus sign to indicate a decrease in the "Increase (Decrease)" columns. McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Difference - Amount Difference - Percent Sales $808,704 $741,000 $fill in the blank dd147bff2fc6f86_1 fill in the blank dd147bff2fc6f86_2 % Cost of goods sold 564,000 470,000 fill in the blank dd147bff2fc6f86_3 fill in the blank dd147bff2fc6f86_4 % Gross profit $244,704 $271,000 $fill in the blank dd147bff2fc6f86_5 fill in the blank dd147bff2fc6f86_6 % Selling expenses $77,500 $62,000 $fill in the blank dd147bff2fc6f86_7 fill in the blank dd147bff2fc6f86_8 % Administrative expenses 46,020 39,000 fill in the blank dd147bff2fc6f86_9 fill in the blank dd147bff2fc6f86_10 % Total operating expenses $123,520 $101,000 $fill in the blank dd147bff2fc6f86_11 fill in the blank dd147bff2fc6f86_12 % Income from operations $121,184 $170,000 $fill in the blank dd147bff2fc6f86_13 fill in the blank dd147bff2fc6f86_14 % Other revenue 3,918 3,100 fill in the blank dd147bff2fc6f86_15 fill in the blank dd147bff2fc6f86_16 % Income before income tax $125,102 $173,100 $fill in the blank dd147bff2fc6f86_17 fill in the blank dd147bff2fc6f86_18 % Income tax expense 35,000 51,900 fill in the blank dd147bff2fc6f86_19 fill in the blank dd147bff2fc6f86_20 % Net income $90,102 $121,200 $fill in the blank dd147bff2fc6f86_21 fill in the blank dd147bff2fc6f86_22 %