Income statements for Walton Company for Year 3 and Year 4 follow: WALTON COMPANY Income Statements Year 4 Year 3. Sales $201,000 $181,000 Cost of goods sold 143,700 121,700 Selling expenses 21,900 19,900 Administrative expenses 13,000 15,000 Interest expense 3,700 5,700 Total expenses $182,300 $162,300 Income before taxes Income taxes expense Net income 18,700 6,200 18,700 3,200 $ 12,500 $ 15,500 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.