Horizontal Analysis of Income Statement For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the presiden McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 2012 2011 Sales $832,806 $741,000 Cost of merchandise sold 592,200 470,000 $240,606 $271,000 Gross profit Selling expenses Administrative expenses $82,150 $62,000 48,130 39,000 Total operating expenses $130,280 $101,000 Income from operations $110,326 $170,000 Other revenue 3,863 3.100 Income before income tax expense $114,189 $173,100 Income tax expense 32,000 51.900 Net income $82,189 $121 200 Required: 1. Prepare comparative Income statement with all for the period in 2011 the best Round percentages to decimal place, the minion to indicate McDade Company Comparative Income Statuiment For the Years Ended December 31, 2012 and 2013 Difference Difference 2012 2011 Amount Percent Sales $82.06 $741,000 Cost of merchandise 592,200 470,000 Gus Droit $240.000 271,000 Selling 582,150 562.000 Administrative 48.130 39.000 Total Operating expenses 3130.20 $10,000 Income from ocenti $110,0 $170.000 Other love 3,863 3.100 home before income tax expens 5114189 173.100 income taxe 30.000 51,900 Nation $32.189 $121,200 Ne incon from 2011 2012 Sales how the cost of merchandise sold in the rata McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 Difference Amount 2012 2011 $832,806 $741,000 S Difference Percent Sales 1% Cost of merchandise sold 592,200 470,000 % Gross profit $240,606 $271,000 1% $82,150 $62,000 19% Selling expenses Administrative expenses 48,130 39,000 9% Total operating expenses $130,280 $101,000 $ 1996 Income from operations $110,326 $170,000 $ % Other revenue 3,863 3,100 % 19% Income before income tax expense $114,189 $173,100 $ 32,000 Income tax expense 51,900 9% % Net income $82,189 $121,200 $ 2. Net income has from 20Y1 to 20Y2. Sales have however, the cost of merchandise sold