Income statement data for Winthrop Company for two recent years ended December 31 are as follows:

	Current Year		Previous Year
Sales	$447,700			$370,000
Cost of merchandise sold	377,600			320,000
Gross profit	$70,100			$50,000
Selling expenses	$19,980			$18,000
Administrative expenses	17,850			15,000
Total operating expenses	$37,830			$33,000
Income before income tax expense	$32,270			$17,000
Income tax expenses	12,900			6,800
Net income	$19,370			$10,200

Question Content Area

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. PLEASE INCLUDE AMOUNT AND PERCENTAGE