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 Current Previous Dollars Percentage Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income $ 110,000 $ 80,000 47,500 32,500 3,500 29,000 4,750 24,250 7,275 $ 25,550 $ 16,975 63,000 47,000 7,000 40,000 3,500 36,500 10,950 Using the following income statements, perform the calculations needed for vertical analyses. (Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Current Previous Net Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income $ 110,000 62,000 48,000 9,600 38,400 3,200 35,200 10,560 S 24,640 %| $ 81,000 48,000 33,000 4,900 28,100 4.050 24,050 7,215 %| $ 16,835