Question 1 The comparative condensed income statements of Emley Corporation are shown below EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2017 $772,200 565,210 206,990 146,250 2016 $702,000 491,400 210,600 140,400 60,740 70,200 Net sales Cost of goods sold Gross profit Operating expenses Net income Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base. percentages to 1 decimal place, e.g. 12.3%.) EMLEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2017 2017 2016 Amount Percentage $772,200 $702,000 Cost of goods sold 565,210 491,400 206,990 210,600 Operating expenses 146,250 140,400 $60,740 $70,200 Net sales Gross profit Net income