For 2012, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative Income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 2012 2011 Sales $665,730 $570,000 Cost of goods sold 482,400 360,000 Gross profit $183,330 $210.000 Seling expenses $68,400 $48,000 Administrative expenses 39,180 30,000 Total operating expenses $107,580 $78,000 Income from operations $75,750 $132,000 Other revenue 2,902 2,400 Income before income tax $78,652 $134,400 Income tax expense 22,000 40,300 Net income $56,652 $94,100 Required: 1. Prepare a comparative income statement with horizontal analysis for the two year period, using 2011 as the base year. Round percentages to one decimal place. Use the minussion to indicate a decrease in the increase Decrease columns 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 2071 as the base year. Round percentages to one decimal place. Use the minus sign to Indicate a decrease in the "Increase (Decrease)" columns McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2011 20Y2 2011 Difference - Amount Difference - Percent 5665,730 $570,000 $ Sales Cost of goods sold 482,400 360,000 Gross profit $183,330 $210,000 Selling expenses 568,400 518,000 Administrative expenses 39,180 30,000 Total operating expenses $107.580 $78,000 Income from operations $75,750 $132,000 Other revenue 2,902 2,400 Income before income tax $78,652 5134,400 Income tax expense 22,000 40,300 Net income 556,652 $94,100 cau from 20Y1 to 2012. Sales have however, the cost of goods sold has 2. Net Income has the gross profit to