Question 12 (6 marks) The Peachland Company has prepared its condensed comparative income statements and management would like a report that provides further analysis. Round all percentages to two decimal places (EG: 12.35%). a) Use the form given below to prepare a horizontal analysis. (3 marks) The Peachland Company Income statement Years ended December 31, % chg 2017 Dollar Chg 2018 $845,312 $793,353 51,959 Sales 380,389 377,066 3, 323 Less: Variable expenses 48, 636 464,923 416,287 Contribution margin 295,850 295 799 Less: Fixed expenses 51 48585 $169,073 $120,488 Profit b) Based on the income statements given above, prepare a vertical analysis. (3 marks) 2018 2017 Sales Less: Variable expenses Contribution margin Less: Fixed expenses Profit