Hormonal Analysis of Income Statement For 2012, Maddin Inc. reported a significant increase in net income. At the end of the year, John Maryer, the president, is presented with the following condensed comparative Income statement Makin Inc Comparative Income Statement For the Year Ended December 31, 2012 and 2041 2012 2011 $910,000 $700,000 Cost of goods sold 441,000 350,000 Gross profit $469,000 $350.000 Selling expenses $139,150 $115.000 Administrative expenses 85.000 Total operating expenses $200.000 Income from operations $150.000 Other income 50.000 200.000 Income before income tax Income tax expense 65.000 50.000 $230,400 Required: 1. Prepare a comparative Income statement with horizontal analysis for the two-year period, using 2011 as the base year. Round to one decimal place. Use the minus sign to indicate a decrease in the "Difference" columns Machining Comparative Income Statement For the Year Ended December 31, 2012 and 2011 2012 2011 Difference - Amount diference went Sales $910,000 70,000 Cost of goods sold 441,000 350,000 Grow profit Selling expenses 139.150 115.000 Administrative expenses 2.450 5.000 Total operating expenses 23,600 200.000 III Income from operations $230,400 $150,000 Other income 65.000 50.000 Income before income tax $295,400 200.000 Income tax expense 65.000 50.000 income 520.400 $150,000 2. Net Income has however, cost of goods sold selling and administrative expenses from 20Y1 to 2012. Net sales have rate, causing