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 Cost of goods sold Gross profit $657,200 $530,000 556,600 460,000 $100,600 $70,000 Selling expenses $28,500 $25,000 Administrative expenses 25,620 21,000 Total operating expenses $54,120 $46,000 Income before income tax $46,480 $24,000 Income tax expenses 18,600 9,600 Net income $27,880 $14,400 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when com Boone Company Comparative Income Statement For the Years Ended December 31 Current year Amount Previous year Amount Increase (Decrease) Amount Increase (Decrease) Percer Sales $657,200 $530,000 127,200 % Cost of goods sold 556,600 460,000 96,600 % Gross profit $100,600 $70,000 30,600 % Selling expenses 28,500 25,000 3,500 % Administrative expenses 25,620 21,000 4,620 % Total operating expenses $54,120 $46,000 7,640 % Income before income tax $46,480 $24,000 22,480 % Income tax expense 18,600 9,600 9,000 % Net income $27,880 $14,400 26,480