Income statements for Gibson Company for Year 3 and Year 4 follow: GIBSON COMPANY Income Statements Year 4 Year 3 Sales $200,600 $180,600 Cost of goods sold 142,300 120,300 Selling expenses 21,800 19,800 Administrative expenses 12,500 14,500 Interest expense 3,200 5,200 Total expenses $179,800 $159,800 Income before taxes: Income taxes expense Net income 20,800 6,100 20,800 5 14,700 3,400 $17,400 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.