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? Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B 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.) Show less INSIGNIA CORPORATION Income Statements (amounts in billions) For the Year Ended December 31 Change in 2015 2014 Dollars Percentage Revenues $ 123 $ 257 $ (134) % Cost of Crude Oil and Products 62 148 (86) % Other Operating Costs 59 52 7 % Income before Income Tax Expense 2 57 (55) % Income Tax Expense 0 32 (32) % Net Income $ 2 $ 25 $ (23) % Reg 1 Req 2A Req 2B Conduct a vertical analysis by expressing each line as a percentage of total revenues. (Round percentage values to 1 decimal place.) INSIGNIA CORPORATION Income Statements (amounts in billions) For the Year Ended December 31 2015 Revenues $ 123 % Cost of Crude Oil and Products 62 % Other Operating Costs 59 % Income before Income Tax Expense 2 % Income Tax Expense % Net Income $ 2 % 2014 257 $ % % % 148 52 57 32 25 % % $ % Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Excluding income tax and other operating costs, did Insignia earn more profit per dollar of revenue in 2015 compared to 2014? Yes No