For 20Y2, Macklin Inc. reported a significant increase in net income. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement:

Instructions
1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. (Round percentages to one decimal place.)
2. To the extent the data permit, comment on the significant relationships revealed by the horizontal analysis prepared in (1).

Macklin Inc. Comparative Income Statement For the Years Ended December 31,20Y2 and 20Y1 20Y2 20Y1 441,000 350,000 99,450 85,000 $200,000 $238,600 65,000 65,000 50,000 $295,400$200,000 50,000 $150,000 $230,400