using the following income statements, perform the calculations needed for horizontal analyses

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 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 Current $ 110,000 63,000 47,000 7,000 40,000 3,500 36,500 10,950 $ 25,550 Previous $ 80,000 47,500 47,500 - 32,500 3,500 29,000 4,750 24,250 7,275 $ 16,975