SHERIDAN CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 5 638 000 5562.900 452.500 434 800 Net sales Cost of goods sold Gross Profit Operating expenses Net income 185.500 128.100 78.700 42.800 $ 106 800 $ 85.300 ta) Prepare a horizontal analysis of the income statement data for Sheridan Corporation using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, es-55.000,- 20% or (55,000). (20%). Round percentages to 1 decimal place, 08. 12.1%) SHERIDAN CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $638,000 $ 562.900 $ 95 Cost of goods sold 452,500 434.800 % Gross Profit 185,500 128,100 % Operating expenses 78.700 42.800 9 Net income $ 106,800 $ 85,300 $ (b) Prepare a vertical analysis of the income statement data for Sheridan Corporation for both years. (Round percentages to 1 decimal place, 28.12.1%)