RCES ed 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 $684,000 $566,000 Cost of goods sold 535,572 466,384 Gross profit 148,428 99,616 Operating 94,392 53,204 expenses Net income $ 54,036 $ 46,412 Study (a) a) 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 am percentages using either a negative sign preceding the number .9. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. DELANEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2020 Amount Percentage 2020 2019 Net sales $684,000 $566,000 $ Cost of goods sold 535,572 466,384 Gross profit 148,428 99,616 ating expenses 94,392 53,204 Net Income $54,036 $46,412 $ (b) Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to I decimal place, e.g. 12.3%) (b) Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to 1 decimal pa DELANEY CORPORATION Condensed Income Statements 2020 Percent 2019 Amount Amount Percent Net sales $684,000 % $566,000 Cost of goods sold 535,572 % 466,384 % Gross profit 148,428 % 99,616 % Operating expenses 94,392 % 53,204 % Net income $ 54,036 % $ 46,412 LINK TO TEXT