Income statements for Fanning Company for Year 3 and Year 4 follow: FANNING COMPANY Income Statements Year 4 Year 3 Sales $ 201,700 $ 181,700 Cost of goods sold 142,600 120,600 Selling expenses 20,700 18,700 Administrative expenses 12,600 14,600 Interest expense 3,800 5,800 Total expenses $ 179,700 $ 159,700 Income before taxes 22,000 22,000 Income taxes expense 5,100 3,200 Net income $ 16,900 $ 18,800 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.