Horizontal Analysis of Income Statement For 20Y2, Macklin Inc. reported a significant decrease in net income. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement: Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 2011 Sales $409,086 $342,000 Cost of goods sold (308,000) (220,000) Gross profit $101,086 $122,000 Selling expenses $(43,500) $(29,000) Administrative expenses (24,480) (18,000) Total operating expenses $(67,980) $(47,000) Operating income $33,106 $75,000 Other revenue 1,782 1,400 Income before income tax expense $34,888 $76,400 Income tax expense (9,800) (22,900) Net income $25,088 $53,500 Required: 1 Dronare acomnarative income statement with horizontal analysis for the turn-vaar narind neina 2001 2 the hace vaar Ilce the minus cian to indicata a decresce in 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Use the minus sign to indicate a decrease in the "Increase/(Decrease)" columns. If required, round percentages to one decimal place. Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 Increase/ Increase/ (Decrease) (Decrease) 20Y2 20Y1 Amount Percent Sales $409,086 $342,000 $ % Cost of goods sold (308,000) (220,000) % Gross profit $101,086 $122,000 % Selling expenses $(43,500) $(29,000) % Administrative expenses (24,480) (18,000) % Total operating expenses $(67,980) $(47,000) % Operating income $33,106 $75,000 % Other revenue 1,782 1,400 % Income before income tax expense $34,888 $76,400 $ % Income tax expense (9,800) (22,900) % Net income $25,088 $53,500 %