Horizontal Analysis of the 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 $686,400 567,600 $118,800 $36,600 32,500 $69,100 $49,700 19,900 $29,800 Previous Year $520,000 440,000 $80,000 $30,000 25,000 $55,000 $25,000 10,000 $15,000 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 Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year year (Decrease) (Decrease) Amount AmountAmount Percent one decimal place Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year Decrease) (Decrease) Amount Amount Amount Percent $686,400 $520,000 567,600 440,000 $118,800 $80,000 $36,600 $30,000 25,000 $69,100 $55,000 Income before income tax $49,700 $25,000 19,900 10,000 29,800 $15,000 Cost of goods sold Gross proft Selling expenses Administrative expenses Total operating expenses 32,500 Income tax expense Net income