P1. (10 points) London Company provided the following income statements for its first 2 years of operation. Prepare a horizontal analysis of London Compan's resu Year 1 $975,000 (676,000) $299,000 Year 2 $1,150,000 (910,000) 240,000 Net sales Less: cost of goods sold Gross margin Less: Operating expenses Income taxes Net income (185,000) 45,600 68.400 (215,000) (10,000) $ 15,000