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 $396,000 $300,000 Cost of goods sold 338,000 mo 260,000 Gross profit $58,000 $40,000 Selling expenses $18,300 $15,000 Administrative expenses 15,600 12,000 Total operating expenses $33,900 $27,000 Income before income tax $24,100 $13,000 Income tax expenses 9,600 5,200 Net income $14,500 $7,800 . Prepare a comparative statement with monitontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to ona decimal place Boone Company Comparative Income Statement For the Year Ended December 31 Current year Amount Previous y Amount increase (Dee) Amount Increase (Decrease Percent 5776,000 5300,000 Cost of goods 338.000 260,000 Groot 153,000 540.000 15.000 12.000 Selling expenses 10.300 25.500 Total operating peas 33.900 Income came to 54.100 9.600 $27.000 125.000 5,200 57,000 514.500 b. The comfortone Company increased by 55.between years. This increase was the combined result of an per in cost of goods sold. The cost of goods sold in in the percentage grous grote than the percentage increases of and rate than the increase