The income statement for Federer Sports Apparel for 2016 and 2015 is presented below. Required Prepare a horizontal analysis for 2016 using 2015 as the base year. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal p FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Increase (Decrease) Year 2016 2015 Amount Net sales 18,100,000 14,800,000 Cost of goods sold 13,466,400 6,586,000 8,214,000 Gross profit 4,633,600 1,411,800 1036,000 Operating expenses 832,600 832,600 Depreciation expense 0 72,400 Inventory write-down Loss (litigation) 1,321,300 251,600 Income before tax 995,500 6,093,800 307,700 Income tax expense 1,805,600 Net income 687,800 4,288,200