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

Current Year Previous Year

Sales $$625,000$ $$500,000$

Cost of merchandise sold $516,600420,000$

Gross profit $$108,400$ $$80,000$

Selling expenses $$31,050$ $$27,000$

Administrative expenses $28,29023,000$

Total operating expenses $$59,340$ $$50,000$

Income before income tax expense $$49,060$ $$30,000$

Income tax expenses $19,60012,000$

Net income $$29,460$ $$18,000$

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 to one decimal place.

Winthrop Company

Comparative Income Statement

For the Years Ended December $31$