Income statements for Franklin Company for 2018 and 2019 follow: FRANKLIN COMPANY Income Statements 2019 Sales $200,400 Cost of goods sold 142,200 Selling expenses 20,800 Administrative expenses 12,900 Interest expense 3,200 Total expenses $179,100 Income before taxes 21,300 Income taxes expense 5,600 Net income $ 15,700 2018 $180, 400 120,200 18,800 14,900 5,200 $159,100 21,300 3,100 $ 18, 200 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019. 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 horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) FRANKLIN COMPANY Horizontal Analysis of Income Statements Percentage Change over 2018 Sales Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income (loss) Required A Required B Perform a vertical analysis, showing each income statement component as a percentage of sales for each year. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) FRANKLIN COMPANY Vertical Analysis of Income Statements Percentage of Percentage of Sales 2019 Sales 2018 Sales Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income