Horizontal Analysis of the Income Statement Income statement data for Boone Company for the years ended December 31, 2015 and 2014, are as follows: 2015 2014 Sales $491,400 $390,000 Cost of goods sold (409,200) (330,000) Gross pront 302,200 $60,000 Selling expenses $(24,360) $(21,000 Administrative expenses (21,050) (17,000) $(30.000) Total operating expenses $(45,440) Income before income tax $36,760 $22,000 Income tax expenses (14,700) (8,500) Net income 522,060 $13,200 a. Prepare a comparative Income statement with horizontal analysis, indicating the increase (decreano) for 2015 when compared with 2014. Round bercentage answers to one decimal place Boone Company Comparative Income Statement For the Years Ended December 31, 2015 and 2014 20YS Amount 2074 Amount increane (Decrease) Amount Increase (Decrease) Percent 5491,400 $390,000 Cost of goods sold (409.200) (330,000) Gross profit 502.200 560,000 Sales 5(24,360) Selling expenses Administrative expenses 5(21,000) (17,000) (21,050) 180 3.000 Boone Company Comparative Income Statement For the Years Ended December 31, 2015 and 2014 20Y5 Amount 2014 Amount Increase (Decrease) Amount Increase (Decrease) Percent % $491,400 $390,000 $ (409,200) (330,000) 9 Sales Cost of goods sold $60,000 96 $82,200 Gross profit Selling expenses $(21,000) $(24,360) (21,080) MO Administrative expenses (17,000) $(45,440) $(30,000) 90 Total operating expenses Income before income tax Income tax expense 9 $36,760 $22,000 (14,700) (8,800 $13,200 Net Income $22,060 b. All of the following statements regarding Boone Company are true except