income statements fot Vernon Compnay for 2018 and 2019 follow:

Income statements for Vernon Company for 2018 and 2019 follow: VERNON COMPANY Income Statements 2019 Sales $200,200 Cost of goods sold 142,200 Selling expenses 21,600 Administrative expenses 12,300 Interest expense 3,400 Total expenses $179,500 Income before taxes 20,700 Income taxes expense 6,400 Net income $ 14,300 2018 $180, 200 120, 200 19,600 14,300 5, 400 $159,500 20,700 3,200 $ 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 VERNON 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 % %