Horizontal Analysis of the Income Statement Income statement data for Boone Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $896,000 $700,000 Cost of goods sold Gross profit 756,000 600,000 $140,000 $100,000 Selling expenses $41,300 $35,000 Administrative expenses 36,540 29,000 Total operating expenses $77,840 $64,000 Income before income tax $62,160 $36,000 Income tax expenses. 24,900 14,400 Net income $37,260 $21,600 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. Horizontal Analysis of the Income Statement Income statement data for Boone Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $896,000 $700,000 Cost of goods sold Gross profit 756,000 600,000 $140,000 $100,000 Selling expenses $41,300 $35,000 Administrative expenses 36,540 29,000 Total operating expenses $77,840 $64,000 Income before income tax $62,160 $36,000 Income tax expenses. 24,900 14,400 Net income $37,260 $21,600 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.