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 5411,400 $340,000 Cost of goods sold 354,000 300,000 Gross profit $57,400 $40,000 Selling expenses $15,540 $14,000 Administrative expenses 14,280 12,000 Total operating expenses $29.820 $26,000 Income before Income tax $27,580 $14,000 Income tax expenses 11,000 5.600 Net Income $16,580 $8,400 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. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year year (Decrease) (Decrease) Amount Amount Amount Percent Sales $411,400 $340,000 % Cost of goods sold 354,000 300,000 Gross profit $57,400 $40.000 % Selling expenses $15,540 $14,000 % Administrative expenses 14,280 12,000 Total operating expenses $29,820 $26,000 Income before Income tax $27,580 $14,000 Income tax expense 11,000 5,600 Net Income $ 16,580 $8,400 Foodback