The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) 2022 2021 Amount % Net sales $ 18,600,000 $ 15,300,000 Cost of goods sold 13,280,400 6,885,000 Gross profit 5,319,600 8,415,000 Operating expenses 1,543,800 1,147,500 Depreciation expense 948,600 948,600 Inventory write-down 167,400 Loss (litigation) 1,450,800 321,300 Income before tax 1,209,000 5,997,600 Income tax expense 409,200 1,943,100 Net income $ 799,800 $ 4,054,500