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 2022 2021 Increase (Decrease) Amount Net sales Cost of goods sold Gross profit $ 18,000,000 $ 14,700,000 13,500,000 6,526,800 4,500,000 8,173,200 Operating expenses 1,386,000 1,014,300 Depreciation expense 810,000 810,000 0 0.0 Inventory write-down 54,000 0.0 Loss (litigation) 1,296,000 235,200 Income before tax 954,000 6,113,700 Income tax expense 288,000 1,778,700 Net income $ 666,000 $ 4,335,000