Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31 are as follows Sales Cast of merchandise sold Gross profit Current Year $2,200,000 1,960,000 Previous Year $2,000,000 1,750,000 Selling expenses $150,500 $320,000 $250,000 $125,000 Administrative expenses 122,000 100,000 Total operating expenses $278,500 1225,000 Income before inconse tax expense $41,500 $25,000 Income tax expenses 16.000 Net income $24,900 10,000 $15,000 a. Prepare a comparative income statement with horizontal analysis, indicating the lecrease (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 Increase Increase (Decrease) Current Previous year Amount year Amount (Decrease) Amount Percent Sales Cast of merchandise sold 1,950,000 1,750,000 $2,280,000 $2,000,000 240,000 x 175,000 X 12 XS 10 X