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 Cost of merchandise sold Gross profit $632,100 $490,000 546,100 430,000 $86,000 $60,000 Selling expenses $26,180 $22,000 Administrative expenses 22,860 18,000 Total operating expenses $49,040 $40,000 Income before income tax expense $36,960 $20,000 Income tax expenses 14,800 8,000 Net income $22,160 $12,000 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31