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  Perform horizontal and vertical analysis for the income statement of ABC Corp for the years 20X1 and 20X2. The income statement data is as follows:

  	20X1	20X2
  Revenue	$500,000	$600,000
  Cost of Goods Sold	$200,000	$240,000
  Gross Profit
  Operating Expenses	$150,000	$180,000
  Net Income	$100,000	$120,000

  Perform horizontal analysis to analyze the change in each line item over the two years and vertical analysis to express each line item as a percentage of revenue.