The average price of a gallon of gas in 2015 dropped $0.94 (28 percent) from $3.34 in 2014 (to $2.40 in 2015). Required: 1. Conduct a horizontal analysis by calculating the year-over-year changes in each line item, expressed in dollars and in percentages for the income statement of Insignia Corporation for the year ended December 31, 2015 (amounts in billions). 2-a. Conduct a vertical analysis by expressing each line as a percentage of total revenues. 2-b. Excluding income tax and other operating costs, did Insignia earn more profit per dollar of revenue in 2015 compared to 2014? Conduct a horizontal analysis by calculating the year-over-year changes in each line item, expressed in dollars and in percentages for the income statement of Insignia Corporation for the year ended December 31, 2015 (amounts in billions). (Decreases should be indicated by a minus sign. Enter your answers in billions (i.e., 10,000,000,000 should be entered as 10). Round percentage values to 1 decimal place.) INSIGNIA CORPORATION Income Statements (amounts in billions) For the Year Ended December 31 Change in 2015 2014 Dollars Percentage Revenues $ 124 $ 203 $ (79) Cost of Crude Oil and Products 62 117 (55) Other Operating costs 53 41 Income before Income Tax Expense 331 (28) Income Tax Expense 22 (22) Net Income $ 5 $ 11 $ (6) le 53 CULTUULL . Vellilul clay SIS DY LAPILLI BALI Heada pel celllaye UI LULaleveles. Un place.) INSIGNIA CORPORATION Income Statements (amounts in billions) For the Year Ended December 31 2015 Revenues $ 124 Cost of Crude Oil and Products Other Operating costs Income before Income Tax Expense Income Tax Expense Net Income 2014 203 % $ 117 571 53 22 $ 11