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 with following condensed comparative income statement:

Horizontal analysis of income statement For 2012, McDade Company reported a dedine 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 2012 2011 Sales $ 16,000,000 $15,000,000 Cost of goods sold (11,500,000) (10,000,000) Groot profit $5,300,000 $5,000,000 Selling expenses 5 (1,770,000) $(1.500,000) Administrative expenses (1,220,000) (1,000,000 Total operating expenses 52,990,000) $2.500,000) Operating income 52,310,000 $2,500,000 Other revenue 256,950 225.000 Income before income tax expense $ 2,566,950 2,725.000 Income tax expense (1.413.000) (1.500,000) Net income $1,153,050 51.225,000 1. Prepare a comparative income statement with honzontal analysis for the two-year period, uning 20Y1 as the base year. Round percentages to one decimal place. For those bones in which you must enter subtracted or negative numbers use a minus sign. McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 Increase/(Decrease) 2012 2011 Amount Percent Sales 16.300,000 Cost of goods sold Gross profit 5.300.000 12 Selling expenses Administrative expenses Total operating expenses Operating income Othere Income before income tax expense Income tax expense encome