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Income statements for Fanning Company for Year 3 and Year 4 follow: Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Ye b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year. Complete this question by entering your answers in the tabs below. Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. (Negative answers should be indicated by a minus sign. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4).) FANNING COMPANY Vertical Analysis of Income Statements \begin{tabular}{|l|r|r|r|r|} \hline & \multicolumn{2}{|c|}{PercentageofSalesYear4} & \multicolumn{2}{c|}{PercentageofSalesYear3} \\ \hline Sales & 100.0 & % & 100.0 & % \\ \hline Cost of goods sold & & & & \\ \hline Selling expenses & & & & \\ \hline Administrative expenses & & & & \\ \hline Interest expense & & & & \\ \hline Total expenses & & & & \\ \hline Income before taxes & & & & \\ \hline Income taxes expense & & % & & \\ \hline \multicolumn{1}{|c|}{ Net income } & & & & \\ \hline \end{tabular}