Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Line Item Description Current Year Previous Year Sales $2,240,000 $2,000,000 Cost of goods sold (1,925,000) (1,750,000) Gross profit $315,000 $250,000 Selling expenses $(152,500) $(125,000) Administrative expenses (118,000) (100,000) Total operating expenses $(270,500) $(225,000) Income before income tax expense $44,500 $25,000 Income tax expense (17,800) (10,000) Net income $26,700 $15,000 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 your answers to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Line Item Description Current Year Amount Previous Year Amount Increase (Decrease) Amount Increase (Decrease) Percent Sales $2,240,000 $2,000,000 $Sales Sales % Cost of goods sold (1,925,000) (1,750,000) Cost of goods sold Cost of goods sold % Gross profit $315,000 $250,000 $Gross profit Gross profit % Selling expenses $(152,500) $(125,000) Selling expenses Selling expenses % Administrative expenses (118,000) (100,000) Administrative expenses Administrative expenses % Total operating expenses $(270,500) $(225,000) $Total operating expenses Total operating expenses % Income before income tax expense $44,500 $25,000 $Income before income tax expense Income before income tax expense % Income tax expense (17,800) (10,000) Income tax expense Income tax expense % Net income $26,700 $15,000 $Net income Net income %