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 $ 19,700,000 $ 16,400,000 Cost of goods sold 12,765,600 7,560,400 Gross profit 6,934,400 8,839,600 Operating expenses 1,851,800 1,410,400 Depreciation expense 1,221,400 1,221,400 Inventory write-down 394,000 Loss (litigation) 1,753,300 246,000 Income before tax Income tax expense Net income 1,713,900 5,961,800 650,100 2,263,200 $ 1,063,800 $ 3,698,600