Question 1 The comparative condensed income statements of Emley Corporation are shown below EMLEY CORPORATION For the Years Ended December 31 Net sales Cost of goods sold Gross profit Operating expenses Net income 2017 $733,600 536,130 197,470 138,750 $ 58,720 2016 $666,000 466,200 199,800 133,200 S 66,600 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 Increase or (Decrease) During 2017 2017 2016 Amount Percentage Net sales $733,600 $666,000 Cost of goods sold 536,130 466,200 Gross proft 197,470 199,800 Operating expenses 138,750 133,200 Net income $58,720 $66,600