Using the folowing income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place. LOCKEY FENCING CORPORATION Income Statements For the Year Ended December 31 Change in Dollars Percentage Net Sales Cost of Goods Sold Gross Profi Seling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income Current Previous $ 107,000 $ 78,500 61,500 46,750 45,600 31,750 7,600 3,000 - 37.900 27,950 3.350 4,450 34.550 23,500 10.365 7,050 $ 24,185 $ 16,450