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Horizontal Analysis of income Statement For 2012, McDade Company reported a decline in net income. At the end of the Year, T. Burrows, the president, is presented with the following condensed comparative income statement McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 2012 2011 Sales $492,882 $427,000 Cost of goods sold 356,400 270,000 Gross profit $136,482 $157,000 Selling expenses $50,400 $36,000 Administrative expenses 29,620 23,000 Total operating expenses 490,020 $99.000 Income from operations $56,462 398,000 Other income 2.279 1.800 Inuk me before income tax $$8,741 $99,800 Income tax expense 16,400 29,900 Net Income $42,341 $69.900 1. Prepare a comparative Income statement with hormonal analysis for the two-year period, using 2011 as the base year. Use the mission to indicate a decrease in the erence column if required, round to one decimal place McDade Company Comparative Income Statement For the Year Ended December 31, 2012 and 2011 2012 2011 Difference. Amount Different. Percent Sales $492,882 $427,000 6.13 13.37 Cout of goods sold 356,400 270,000 M. Gross profit $136,482 $157,000 0.31 - Selling expenses $50,400 $36.000 1440 Administrative expenses 29,620 23.000 Bel operating expenses $80,020 350.000 21.12 21 Income from operations $56,462 398,000 41.00 TEST 2,279 1.000 479 Other income 11 Income before income tax $55,741 599,800 -1.019 16,400 Income tax expense 29,900 031 -17.30 Net income 342,341 $69,900 ang the gross prot to decrease however, the cost of goods sold has increased 2. Net income has decreased from 2011 to 2012. Sales have increased