The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare a horizontal analysis for 2025 using 2024 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) 2025 2024 Amount % Net sales $ 19,400,000 $ 16,100,000 Cost of goods sold 12,920,400 7,373,800 Gross profit 6,479,600 8,726,200 Operating expenses 1,765,400 1,336,300 Depreciation expense 1,144,600 1,144,600 Inventory write-down 329,800 Loss (litigation) 1,668,400 289,800 Income before tax 1,571,400 5,955,500 Income tax expense 582,000 2,173,500 Net income $ 989,400 $ 3,782,000