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: 2. Net income has from 20Y1 to 20Y2. Sales have however, the cost of merchandise sold has causing the gross profit to 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 "Difference" columns