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, 2012 and 2041 20Y2 20Y1 Sales $450,358 $389,000 Cost of goods sold 330,000 250,000 Gross profit $120,358 $139,000 Selling expenses $46,200 $33,000 Administrative expenses 27,050 21,000 Total operating expenses $73,250 $54,000 Income from operations $47,108 $85,000 Other revenue 1,923 1,600 Income before income tax $49,031 $86,600 Income tax expense 13,700 26,000 Net income $35,331 $60,600 Required: Required: 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 2041 20Y2 20Y1 Difference - Amount Difference - Percent Sales $450,358 $389,000 $ 61,358 15.7 X % Cost of goods sold 330,000 250,000 80,000 32 % Gross profit $120,358 $139,000 $ -18,642 -13.41 X % Selling expenses $46,200 $33,000 13,200 40.00 % Administrative expenses 27,050 21,000 6,050 28.81 X % Total operating expenses $73,250 $54,000 19,250 35.65 X % Income from operations $47,108 $85,000 -37,892 -44.58 X % 323 20.19 X % Other revenue 1,923 1,600 Income before income tax $49,031 $86,600 -37.569 X -43.38 X % Income tax expense 13,700 26,000 -12,300 -47.31 X % Net income $35,331 $60,600 -25,269 -41.70 %