Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Change in Dollars Percentage % Not Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Current Previous $ 107,000 $ 78,500 61,500 46,750 45,500 31.750 7,600 3,800 37.900 27.950 3,350 4.450 34,550 23,500 10.365 7,050 $ 24,185 $ 16,450 % Net Incomo