Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $778,800 $590,000 510,000 Cost of goods sold 657,900 Gross profit $120,900 $80,000 Selling expenses $36,600 $30,000 Administrative expenses 32,500 25,000 Total operating expenses $55,000 Income before income tax $25,000 $69,100 $51,800 20,700 $31,100 Income tax expenses 10,000 $15,000 Net income 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. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year year (Decrease) (Decrease) Amount Amount Amount Percent $778,800 $590,000 $ 657,900 510,000 Sales Cost of goods sold Gross profit $120,900 ......LLINN Selling expenses $36,600 Administrative expenses $80,000 $ $30,000 $ 25,000 $55,000 $ $25,000 10,000 32,500 Total operating expenses $69,100 Income before income tax $51,800 Income tax expense 20,700 Net income $31,100 $15,000