Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $641,900 $490,000 Cost of goods sold 524,800 410,000 Gross profit $117,100 $80,000 Selling expenses $35,090. $29,000 Administrative expenses 32,250 25,000 Total operating expenses $67,340 $54,000 Income before income tax $49,760 $26,000 Income tax expenses 19,900 10,400 Net income $29,860 $15,600 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. Sales Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year (Decrease) (Decrease) Amount Percent year Amount Amount $641.900 $490.000 %