Question 1 Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $742,000 $621,000 Cost of goods 579,502 504,252 sold Gross profit 162,498 116,748 Operating 102,396 57,753 expenses Net income $ 60,102 $ 58,995 Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45,-45% or parentheses e.g. (45). (459). Round percentages to decimal place, c.9. 12.3%.) DELANEY CORPORATION Condensed Income Statements Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (459). Round percentages to I decimal place, e.g. 12.19.) DELANEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2020 Amount Percentage Net sales Cost of goods sold Gross profit 2020 $742,000 579,502 162,498 2019 $621,000 504,252 116,748 Operating expenses 102,396 57,753 Net income $60,102 $58,995 Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.3%.) DELANEY CORPORATION Condensed Income Statements 2020 2019 Amount Amount Percent Net sales $742,000 $621,000 Cost of goods sold 579,502 504,252 Gross profit 162,498 116,748 Operating expenses 102,396 Net Income $ 60,102