Income statements for Thornton Company for Year 3 and Year 4 follow. THORNTON COMPANY Income Statements Year 4 Sales $200,200 Cost of goods sold. 143,700 Selling expenses) 20,900 Administrative expenses 12,700 Year 3 $180,200 121,700 18,908 14,700 Interest expense 3,800 5,800 Total expenses $181,100 $161,100 Income before taxes Income taxes expense Net income 19,100 5,600 $13,500 19,100 3,700 $15,400 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. 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 Year 3 and Year 4. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4).) THORNTON COMPANY Horizontal Analysis of Income Statements Sales Cost of goods sold Selling expenses Percentage Change over Year 3 %