Here are the comparative income statements of Delaney Corporation.

Instructionsa. Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease.)

b. Prepare a vertical analysis of the income statement data for Delaney Corporation for both years.

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Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $598,000 $500,000 Cost of goods sold 477,000 420,000 Gross profit 121,000 80,000 Operating expenses 80,000 44,000 Net income $ 41,000 $ 36,000