Please complete a horizontal and vertical analysis for 2021 and 2020 income statement. Show your calculations.

(I also attached examples on formatting)

Consolidated Statements of Income and Comprehensive Income (in millions of Canadian dollars, except per share amounts) Notes 5 9 Year ended March 28, March 29, March 31, 2021 2020 2019 $ $ $ 903.7 958.1 830.5 349.7 364.8 313.7 554.0 593.3 516.8 367.3 350.5 302.1 69.8 50.7 18.0 116.9 192.1 196.7 30.9 28.4 14.2 86.0 163.7 182.5 15.8 12.0 38.9 70.2 151.7 143.6 10, 11, 12 16 6 Revenue Cost of sales Gross profit Selling, general and administrative expenses Depreciation and amortization Operating income Net interest, finance and other costs Income before income taxes Income tax expense Net income Other comprehensive (loss) income Items that will not be reclassified to earnings, net of tax: Actuarial gain (loss) on post-employment obligation Items that may be reclassified to earnings, net of tax: Cumulative translation adjustment Net loss on derivatives designated as cash flow hedges Reclassification of net loss (gain) on cash flow hedges to income Net gain (loss) on derivatives designated as a net investment hedge Other comprehensive (loss) income Comprehensive income Earnings per share Basic Diluted 0.7 (0.2) (0.7) (12.6) 9.4 (1.3) 21 (1.2) (2.4) (4.6) 21 7.3 (3.7) 3.8 21 0.2 (5.6) 64.6 (0.3) 2.8 154.5 3.5 0.7 144.3 7 0.64 $ 0.63 $ 1.38 $ 1.36 $ 1.31 1.28 The accompanying notes to the consolidated financial statements are an integral part of these financial statements. XYZ Corporation Inc. Income Statement For the Year Ended December 31 Formula 2016 Amount 2015 Amount % % 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Sales Sales returns and allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income $3,100,500 75,000 3,025,500 1,800,000 1,225,500 744,500 481,000 65,000 416,000 108,160 $ 307,840 102.5% $2,890,000 2.5% 65,000 100.0% 2,825,000 59.5% 1,650,000 40.5% 1,175,000 24.6% 803,000 15.9% 372,000 2.1% 68,000 13.7% 304,000 3.6% 79,040 10.2% S 224,960 102.3% in cell F9 is =E9/$E$11 2.3% 100.0% 58.4% 41.6% in cell D13 is =C13/$C$11 28.4% 13.2% 2.4% 10.8% 2.8% 8.0% A 1 000 AWN Formula in cell E8 is =C8-D8 2 XYZ Corporation Inc. 3 Condensed Income Statement 4 For the Year Ended December 31 5 Increase (Decrease) during 2016 7 2016 2015 Amount Percentage Sales $3,100,500 $2,890,000 $ 210,500 7.3% 9 Sales returns and allowances 75,000 65,000 10,000 15.4% 10 Net Sales $3,025,500 $2,825,000 200,500 7.1% 11 Cost of Goods Sold 1,800,000 1,650,000 150,000 9.1% 12 Gross Profit 1,225,500 1,175,000 50,500 4.3% 13 Operating Expenses 744,500 803,000 (58,500) -7.3% 14 Income from Operations 481,000 372,000 109,000 29.3% 15 Interest Expense 65,000 68,000 (3,000) -4.4% 16 Income before Income Tax 416,000 304,000 112,000 36.8% 17 Income Tax Expense (26%) 108, 160 79,040 29,120 36.8% 18 Net Income $ 307,840 $ 224,960 $ 82,880 36.8% in cell F10 is =E10/D10