Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Sales Previous Year $670,000 560,000 Cost of goods sold Current Year $864,300 711,200 $153,100 $45,220 40,640 $110,000 $38,000 Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax 32,000 $85,860 $70,000 $67,240 $40,000 16,000 Income tax expenses 26,900 $24,000 Net Income $40,340 Prepare a comparative incoene statement with horizontal analysis, indicating the increase (decreased for the current year when compared with the previous year and round to one decima et Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year year (Decrease) (Decrease) Amount Amount Amount Percent Sales 5864,300 $570,000 Cost of goods sold 711,200 560.000 Gros Droit 5153,100 $110.000 Seling 545.220 550.000 Adrive pas 40.540 22,000 Total operating expenses 185.160 $70,000 Income before com a $67240 $40,000 26.900 16,000 Income tax expense $40.340 $24.000 Net