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 114,000 82,000 % Cost of Goods Sold 65,000 48,500 Gross Profit 49,000 33,500 Selling, General, and Administrative Expenses 6,200 3,100 Income from Operations 42,800 30,400 Interest Expense 3,700 5,150 Income before Income Tax 39,100 25,250 Income Tax Expense 7,575 11,730 Net Income 27,370 $ 17,675 %