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