PE 2-8A. Horizontal Analysis OBJ. 5 EE 2-8 p. 83 Two income statements for Vaughn Company follow: Prepare a horizontal analysis of Vaughn Company's income statements. Vaughn Company Income Statements For the Years Ended December 31 20Y1 Fees earned $716,800 20YO $896,000 Operating expenses 557,760 672,000 Net income $159,040 $224,000