The comparative condensed income statements of Emley Corporation are shown below. EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2017 2016 Net sales $739,200 $672,000 Cost of goods 540,960 471,400 sold Gross profit 198,240 200,600 Operating 140,000 134,400 expenses Net income $ 58,240 $ 66,200 (a) Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base. EMLEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2017 Amount Percentage 2017 2016 Net sales $739,200 $672,000 Cost of goods sold 540,960 471,400 Gross profit 198,240 200,600 Operating expenses 140,000 134,400 Net income $58,240 $66,200 (b) Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years. (Round percentages to 1 decimal place, e.g. 12.3%.) (b) Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years. (Round percentages to 1 decimal place, e.g. 12.3%.) EMLEY CORPORATION Condensed Income Statements 2016 2017 Percent Amount Amount Net sales $ 739,200 $ 672,000 Cost of goods sold 540,960 471,400 Gross profit 198,240 200,600 Operating expenses 140,000 134,400 Net income $ 58,240 $ 66,200 Click if you would like to Show Work for this question: Open Show Work