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 Current Previous Change in Dollars Percentage Net Sales Cost of Goods Sold Gross Profit $ 118,000 $ 84,000 $ 34,000 67,000 49,500 17,500 51,000 34,500 16,500 Selling, General, and Administrafe Expenses 5,400 2,700 2,700 Income from Operations 45,600 31,800 13,800 Interest Expense 3,900 5,550 (1,650) Income before Income Tax 41,700 26.250 15,450 Income Tax Expense 12,510 7,875 4.635 Net Income $ 29,190 $ 18,375 $ 10,815 %