Income statements for Franklin Company for 2018 and 2019 follow: FRANKLIN COMPANY Income Statements 2019 Sales Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income $200,800 142.900 20.300 12 600 3.700 $179,500 21.300 5.500 $ 15,800 2018 $180,800 120.900 18.300 14,600 5.700 $159.500 21.300 3.800 $17.500 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).) Show less 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 takes Income taxes expense Net income (los) Required A Required B > Income statements for Franklin Company for 2018 and 2019 follow: FRANKLIN COMPANY Income Statements 2019 Sales $200.800 Cost of goods sold 142.900 Selling expenses 20.300 Administrative expenses 12.600 Interest expense 3.700 Total expenses $179.500 Income before taxes 21.300 Income taxes expense 5.500 Net income $ 15800 2018 $180 800 120.900 18.300 14.600 5.700 $159.500 21.300 3.800 17.500 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 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).) Show less 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