Income statements for Thornton Company for Year 3 and Year 4 follow THORNTON COMPANY Income Statements Year 4 Sales $281,300 Cost of goods sold 142,800 Selling expenses 20,900 Administrative expenses 12,500 Interest expense Total expenses $179,700 Income before taxes 21,300 Income taxes expense 6 500 Net income $ 14,800 3.500 Year 3 $181,000 120.800 18,900 14,500 5,500 $159) 700 21,300 4,000 $ 12,300 Required o. 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, Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (.e., 0.234 should be entered as 23.4).) THORNTON COMPANY Horizontal Analysis of Income Statements Percentage Change over Year 3 Sales % Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income (los) % 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., 0.234 should be entered as 23.4).) THORNTON COMPANY Vertical Analysis of Income Statements Percentage of Percentage of Sales Year 4 Salos Year 3 Sales % % Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net Income %