Horizontal Analysis of the Income Statement Income statement data for Boone Company for two recent years ended December 31, are as follows: Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax Income tax expenses Net income Current Year 9419,200 358,400 $60,800 $18,150 16,770 S34,920 $25,880 10,400 $15,480 Previous Year $320,000 280,000 $40,000 $15,000 13,000 $28,000 $12,000 4,800 $7,200 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 Current year Amount $419,200 358,400 60,800 18,150 Increase (Decrease) Amount Increase (Decrease) Percent Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses $34,920 Income before income tax $25,880 Income tax expense 5320,000 280,000 40,000 15,000 13,000 528,000 $12,000 10,400 4,800 Net income 15,480 7,200