Instructions For 20Y2 McDade Company reported a decline in net income. At the end of the year. T. Burrows, the president, is presented with the following condensed comparative income statement: 1 20Y1 McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 2012 2 Sales $7,425,600.00 3 Cost of goods sold 2,688,000.00 4 Gross profit $4,757,600.00 s Selling expenses $1,096,200.00 6 Administrative expenses 636,300.00 1 Total operating expenses $1,732,500.00 a Income from operations $3,005,100.00 9 Other income 144,300.00 10 Income before income tax $3,149,400.00 1: Income tax expense 75,400.00 12 Net income $5,074,000.00 $6,720,000.00 2,240,000.00 $4,480,000.00 $870,000.00 505,000.00 $1,375,000.00 $3,105,000.00 150,000.00 $3,235,000.00 65,000.00 $3,170,000.00 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the bare year. Use the minus sign to indicate an amount or percent decresse. If required, round percentages to one decimai place Income Statement Prepare a comparative income statement with horizontal analysis for the two-year period using 2011 as the base year. Use the minus sign to indicate an amount or percent decrease if required, round percentages to one decimal place. Question not attempted. McDade Company Score: 0/77 Comparative Income Statement For the Years Ended December 31, 2042 and 20Y1 1 Increase (Decrease) ) Amount Increase (Decrease) 2 2022 2011 Percent 3 Sales $6,720,000.00 2,240,000.00 4 Cost of goods sold 5 Gross profit $4,480,000.00 Selling expenses $7,425,600.00 2,688,000.00 $4,757,600.00 $1,096,200.00 636,300.00 $1,752,500.00 $3,005,100.00 $870,000.00 7 Administrative expenses Total Operating expenses 9 Income from operations 505,000.00 $1,375,000.00 $3,105,000.00 130,000.00 10 Other income 144,300.00 1: Income before income tax $3,149,400.00 $3,235,000.00 65,000.00 12 Income tax expense 75,400.00 13 Net income $5,074,000.00 $3,170,000.00