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 Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other income Income before income tax Income tax expense Net income 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. $704,699 507,000 197,699 $71,500 41,910 $113,410 $84,289 3,372 87,661 24,500 $63,161 $617,000 390,000 $227,000 $52,000 33,000 85,000 142,000 2,600 $144,600 43,400 101,200 McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1