Urban Outfits, Incorporated Income Statements Year Ended December 31 Sales Revenue Cost of Goods Sold Gross Profit Operating and Other Expenses Interest Expense Income Tax Expense Net Income Current Year $830,059 416,150 413,909 146,027 Prior Year $ 766,841 385,972 380,869 133,664 8,100 51,400 20,700 49,500 $ 208,382 $ 177,005 Required: Prepare a horizontal analysis of the income statement above. (Round your percentage answers to 2 decimal places. Enter any decreases with a minus sign.) URBAN OUTFITS, INCORPORATED Income Statements Year Ended December 31 Increase (Decrease) Current Year Prior Year Amount Percent (%) Sales Revenue $830,059 $ 766,841 Cost of Goods Sold 416,150 385,972 Gross Profit 413,909 380,869 Operating and Other Expenses 146,027 133,664 Interest Expense 8,100 20,700 Income Tax Expense 51,400 49,500 Net Income $208,382 $177,005