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 $110,000 $ 80,000 % Cost of Goods Sold 63,000 47,500 % Gross Profit 47,000 32,500 % Selling, General, and Administrative Expenses 7,000 3,500 % Income from Operations 40,000 29,000 % Interest Expense 3,500 4,750 % Income before Income Tax 36,500 24,250 Income Tax Expense 10,950 7,275 didi % % Net Income $ 25,550 $ 16,975 %