Horizontal Analysis of the Income Statement Income statement data for Cascade Images Inc. for the years ended December 31, 2015 and 2014, are as follows: 20Y5 20Y4 Sales $792,000 $600,000 Cost of goods sold Gross profit Selling expenses (702,000) (520,000) $90,000 $80,000 $(28,060) $(23,000) Administrative expenses (24,700) (19,000) Total operating expenses $(52,760) $(42,000) Income before income tax $37,240 $38,000 Income tax expenses (14,900) (15,200) Net income $22,340 $22,800 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. Cascade Images, Inc. Comparative Income Statement For the Years Ended December 31, 20Y5 and 20Y4 20Y5 Amount 20Y4 Amount Sales $792,000 $600,000 Incr (Decr) Amount 192,000 Incr (Decr) Percent % Cost of goods sold (702,000) (520,000) 182,000 % Gross profit $90,000 $80,000 10,000 % Selling expenses $(28,060) $(23,000) 5,060 % Administrative expenses Total operating expenses (24,700) $(52,760) (19,000) $(42,000) $ 5,700 % 10,760 % Income before income tax $37,240 $38,000 -760 % Income tax expense (14,900) (15,200) -300 % Net income $22,340 $22,800 -460 %