Hortzontal Analysis of Income Statement For 2012, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 2011 Sales 5492,882 $427,000 Cost of goods sold 356,400 270,000 Gross pront $136,482 $157,000 Selling expenses $50,400 $36,000 Administrative expenses 29,620 23,000 Total operating expenses $80,020 $59,000 Income from operations $56,462 $98.000 Other Income 2.279 1,800 Income before income tax $58,741 Income tax expense 16,400 29,900 Net income $42,341 $69,900 $99,800 Required: 1. Prepara comoarte income statement with hartontal analysis for the two-year period, using 2071 st has year. Use the one in to dicted in the other commun, und one decimal place McDade Company Comparative Income Statement For the Year Ended December 31, 2012 and 2011 2012 2011 Difference Amount Difference Percent 5492.882 1427,000 356,400 270,000 Sales Cost of goods sold Cross profit $136,482 $157,000 Selling expensen $50,400 336,000 Administrative expenses 29,620 23.000 Total operating expenses $80,020 $59.000 Income from operations $56,462 $98.000 E Other Income 2,279 1.800 Income before income tax $58.741 $99,000 Internetak eense 16.400 29,900 Net income $42.361 $69.900 however, the cost of goods sold has causing the gros profitto 2. Net score has from 2011 2012. Sales have