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 $619,200 $480,000 Cost of goods sold 516,600 410,000 Gross profit $102,600 $70,000 Selling expenses $30,940 $26,000 Administrative expenses 27,940 22,000 Total operating expenses $58,880 $48,000 Income before income tax $43,720 $22,000 Income tax expenses 17,500 8,800 Net income $26,220 $13,200 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. Boone Company Comparative Income Statement For the Years Ended December 31 Previous year Amount Increase (Decrease) Amount Increase (Decrease) Percent $480,000 Current year Amount $619,200 Sales Cost of goods sold 516,600 410,000 Gross profit $102,600 $70,000 Selling expenses 30,940 26,000 Administrative expenses 27,940 22,000 Total operating expenses $58,880 $48,000 Income before income tax $43,720 $22,000 Income tax expense 8,800 17,500 $26,220 Net income $13,200