INSTRUCTIONS: INCOME STATEMENT Perform a HORIZONTAL ANALYSIS given the following information: Your answer goes here 12/31/2021 12/31/2020 Change Change in Percentage 50,000 40,000 22,000 18,000 28,000 22,000 Sales Cost of goods sold GROSS PROFIT Selling expenses Administrative expenses TOTAL OPERATING EXPENSES 10,000 8,000 18,000 6,000 10,000 16,000 Income before tax Income tax expense 10,000 3,000 7,000 6,000 1,800 NET INCOME 4,200