Horizontal Analysis of the Income Statement Income statement data for Boone Company for two recent years ended December 31, are as follows: Previous Year Sales $590,000 Cost of goods sold Current Year $772,900 640,000 $132,900 500,000 Gross profit $90,000 Selling expenses Administrative expenses $39,930 36,120 $33,000 28,000 $76,050 Total operating expenses Income before income tax $61,000 $56,850 22,700 Income tax expenses $29,000 11,600 Net income $34,150 $17,400 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. 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 Current year Amount Previous year Amount Increase (Decrease) Amount Increase (Decrease) Percent $772,900 $590,000 Cost of goods sold 640,000 500,000 Sales Gross profit $132,900 $90,000 Selling expenses 39,930 33,000 Administrative expenses 36,120 28,000 Total operating expenses $76,050 $61,000 Income before income tax $56,850 $29.000 Income tax expense 22.700 Net income 334,150 $17.400