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 $ 19,500,000 $ 16,200,000 Cost of goods sold 12,870,000 7,435,800 Gross profit 6,630,000 8,764,200 Operating expenses 1,794,000 1,360,800 Depreciation expense 1,170,000 1,170,000 Inventory write-down 351,000 Loss (itigation) 1,696,500 275,400 Income before tax 1,618,500 5,968,000 Income tax expense 604,500 2.203.200 Net income $ 1,014,000 $ 3,754,800 Check my work