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		$660,600			$606,000
Cost of goods sold		487,830			424,200
Gross profit		172,770			181,800
Operating expenses		126,050			121,200
Net income		$ 46,720			$ 60,600

Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base.

(Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)

EMLEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2017 2017 Amount 2016 Percentage s Net sales $660,600 $606,000 Cost of goods sold 487,830 424,200 T Gross profit 172,770 181,800 Operating expenses 126,050 121,200 $46,720 $60,600 Net income