Horizontal Analysis of the Income Statement Income statement data for Boone Company for the years ended December 31, 2015 and 2084, are as follows: 2015 2014 Sales $396,800 $310,000 Cost of goods sold (337,500) (270,000) Gross profit $59,300 $40,000 Selling expenses $(17,700) $(15,000) Administrative expenses (15,120) (12,000) Total operating expenses $(32,820) $(27,000) Income before income tax $26,480 $13,000 Income tax expenses (10,600) (5,200) Net income $15,880 $7,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 2015 when compared with 20Y4. Round percentage answers to one decimal place. Boone Company Comparative Income Statement For the Years Ended December 31, 2015 and 2014 20Y5 Amount 20Y4 Amount Increase (Decrease) Amount Increase (Decrease) Percent $396,800 $310,000 (337,500) (270,000) % Sales Cost of goods sold Gross profit $59,300 $40,000 $ % Selling expenses $(17,700) $(15,000 $ % Administrative expenses (15,120) (12,000) % Total operating expenses $(32,820) $(27,000) % Income before income tax $26,480 $13,000 % Income tax expense (10,600) (5,200) % Net income $15,880 $7,800 % Feedback Check My Work Show the difference in each line item amount as either an increase or a decrease. Divide each difference amount by the 20Y4 base year amount of that item to determine the percentages using horizontal analysis