Sales Revenue Cost of Goods Sold Urban Outfits, Inc. Income Statements Year Ended December 31 Current Year $845,050 Prior Year $779,555 394,853 425,124 Gross Profit 419,935 384, 702 Operating and Other Expenses 149,645 136, 684 Interest Expense Income Tax Expense 8,350 53,600 22,600 51,500 Net Income $208,340 $173,918 Required: Prepare a horizontal analysis of the income statement above. (Round your percentage answers to 2 decimal places. Enter any decreases with a minus sign.) URBAN OUTFITS, INC Income Statements Year Ended December 31 Current Year $845 059 Increase (Decrease) Prior Year Amount Percent (%) $779.555 Sales Revenue Cost of Goods Sold 425 124 Gross Profit 419 935 394.853 384 702 aubmit