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Horizontal Analysis of Income Szatement 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 comparatve income McDade Company For the Years Ended December 31, 20Y2 and 20Y 268,400 220,000 $108,448 122,000 operating expenses 58,540 $47,000 Income before income tax 37,178 $53,500 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y as the base year. Use the minus sign to indicate a decrease in the "Difference columns. if required, round to one decimal place For the Years Ended December 31 20Y2 20Y1 Difference Amount Dfference Percent 268,400 220,000 Total operating expenses $58,540 $47.000 Income from operations $49,908 $5,000 Income before income tax $51,678 $6,400