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 Net sales Cost of goods sold Gross profit Operating expenses Net income 2017 $693,000 506,150 186,850 131,250 $55,600 2016 $630,000 441,000 189,000 126,000 $63,000 Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base. (Enter negative amounts and percentages using either a negative sign preceding the number e.g.-45,-45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) EMLEY CORPORATION Income Statements Increase or (Decrease) During 2017 2017 2016 Amount Percentage 693,000 $630,000 Cost of goods sold 506,150 441,000 186,850 189,000 Operating expenses 131,250 126,000 $55,600 $63,000 Net sales Gross profit Net income Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years. (Round percentages to 1 decimal