may have to zoom in to see more clearly.

Horizontal Analysis of Income Statement For 2042, McDade Company reported a dedine in net income. At the end of the year, I Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 2012 2011 Sales $656,115 $589,000 370,000 458, Cost of goods sold $197,315 $219,000 Gross profit $65,000 37,700 $50,000 31,000 $102,700 $81.000 Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax $94,615 $138.000 3,088 $97,703 2,500 $140,500 42,200 27.400 Income tax expense $70,303 $98.300 Net Income Required: Required: 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place. Use the minus sign to indicate a decrease in the "Increase (Decrease) columns. McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 2042 2041 Difference - Amount Difference - Percent Sales $656,115 $589,000 $ Cost of goods sold 458,800 370,000 Gross profit $197,315 $219,000 Selling expenses $65,000 $50,000 Administrative expenses 37,700 31,000 Total operating expenses $102,700 $81,000 Income from operations $94,615 $138,000 Other revenue 3,088 2,500 Income before income tax $97,703 $140,500 Income tax expense 27,400 42,200 Net income $70,303 $98,300 TIDO ls