Income statements for Baird Company for Year 3 and Year 4 follow: BAIRD COMPANY Income Statements Year 4 Year 3 Sales $201,600 $181,600 Cost of goods sold 142,300 120,300 Selling expenses 20,300 18,300 Administrative expenses 12,500 14,500 Interest expense 3,200 5,200 Total expenses $178,300 $158,300 Income before taxes Income taxes expense 23,300 5,200 23,300 4,000 Net income $ 18,100 $ 19,300 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year. Complete this question by entering your answers in the tabs below. Required A Required B Perform a vertical analysis, showing each income statement component as a percentage of may not add exactly due to rounding. Round your percentage answers to 1 decimal place. 23.4).) BAIRD COMPANY Vertical Analysis of Income Statements Sales Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income Percentage of Sales Year 4 Percentage of Sales Year 3 %