Horizontal and vertical analysis Income statements for Burch Company for 2018 and 2019 follow 2019 2018 Sales Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income 240,000 180,000 26,000 12,000 7,500 $225,500 14,500 1,200 13.300 $200.000 124,000 20,000 18,000 8,000 $170,000 30,000 3,000 $ 27,000 Required Round all percentages to one decimal point. a. Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019 b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year