LO 2 Horizontal and Vertical Analysis P1. Obras Corporation's condensed comparative income statements and comparative balance sheets for 2014 and 2013 follow. SPREADSHEET 1. Net income: 34.99 increase 1: Total assets: 3.6% increase 2:2014 Net income: 4.296 2013 $3,146,400 2,008,400 $1,138,000 Obras Corporation Comparative Income Statements For the Years Ended December 31, 2014 and 2013 2014 Net sales $3,276,800 Cost of goods sold 2,088,800 Gross margin $1,188,000 Operating expenses: Selling expenses $ 476,800 Administrative expenses 447,200 Total operating expenses $ 924,000 Income from operations $ 264,000 Interest expense 65,600 Income before income taxes $ 198,400 Income taxes expense 62,400 Net income $ 136,000 Earnings per share 3.40 $ 518,000 423,200 $ 941,200 $ 196,800 39,200 $ 157,600 56,800 $ 100,800 2.52 $ $ (Contin 1. Propune schedules showing the amount and percentage changes from 2013 for the comparative income statements and the balance sheets. (Round 2. Prepure common size income statements and balance sheets for 2013 and 3. ACCOUNTING CONNECTION Comment on the results in requirements Identifying favorable and unfavorable changes in the components and Total abilities REQUIRED o mal place.) (Round to one decimal place.) of the statements rections on Ratios