The comparative condensed income statements of Indra Corporation are shown below.

Instructions(a) Prepare a horizontal analysis of the income statement data for Indra Corporation using 2012 as a base. (Show the amounts of increase or decrease.)(b) Prepare a vertical analysis of the income statement data for Indra Corporation in columnar form for bothyears.

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INDRA CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2012 2013 S600,000 483.000 $500,000 420,000 Net sales Cost of goods sold Gross profit Operating expenses 117.000 80,000 57.200 44,000 $ 36.000 S 59.800 Net income