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Exercise 12-3A Prepare horizontal analysis (L012-2) The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) X Answer is not complete. FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) Amount % 2022 Net sales $ 3,300,000 21.3 88.6 Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) 66.0 2021 $ 15,500,000 7,000,000 8,500,000 1,200,000 1,000,000 $ 18,800,000 13,200,000 5,600,000 1,600,000 1,000,000 200,000 1,500,000 1,300,000 450.000 6,200,000 (2,900,000) 400,000 0 0.0 Income before tax 300,000 6,000,000 2,000,000 $ 4,000,000 1,200,000 (4,700,000) (1,550,000) Income tax expense Net income $ 850,000 (3,150,000)