Prepare a horizontal analysis of the following comparative income statement of The Ruby Group. E (Click the icon to view the comparative income statement.) Why did net income increase by a higher percentage than net sales revenue during 2020? *** Show Ruby's horizontal analysis of net sales and expenses. (Round the percentages to the nearest hundredth percent) The Ruby Group Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2020 and 2019 A B C 1 The Ruby Group Income Statement N 3 For the Years Ended December 31, 2020 and 2019 4 (amounts in thousands) 5 2020 2019 6 Sales revenues $ 458,800 $ 400,000 7 Less: Cost of goods sold 209,820 195,000 8 Gross profit $ 248,980$ 205,000 9 Less: Operating expenses 95,670 90,000 10 Operating income $ 153,310$ 115,000 11 Less: Interest expense 4,250 3,125 12 Income before income taxes $ 149,060 $ 111,875 13 Less: Income tax expense 16,420 11,875 14 Net income $ 132,640 $ 100,000 2020 2019 Amount Percent Sales revenues $ 458,800 $ 400,000 % 209.820 195,000 96 Less: Cost of goods sold Gross profit S % 248.980 $ 95,670 205,000 90,000 % Less: Operating expenses Operating income $ 153,310 $ 4,250 115,000 3,125 % Less: Interest expense Less: Interest expense 4,250 3,125 % Income before income taxes $ % 149,060 $ 16,420 111.875 11,875 Less: Income tax expense 96 $ 132,640 $ 100,000 % Net income