Horizontal Analysis of th? Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax Income tax expenses Net income Current Year $756,400 648,000 $108,400 $30,240 27,600 $57,840 $50,560 20,200 $30,360 Previous Year $620,000 540,000 $80,000 $27,000 23,000 $50,000 $30,000 12,000 $18,000 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place