The following information is provided from EZ Electronics' annual report for the years ended December 31:

2012 2011 2010 Sales Cost of goods sold Gross profit Operating expenses Income before taxes Income tax expense Net income $120,000 $110,000 40,000 80,000 48,000 32000 9,600 34,000 76,000 42000 34,000 10200 240023,800 ,000 $100,000 30,000 70,000 40,000 30,000 9,000 Refer to the EZ Electronics annual report above. Using horizontal analysis with 2010 as the base year, 2011 net income would be represented as 1296. 13%. O 113% 22%