Using the following income statements, perform the calculations needed for horizontal analyses. Round percentages to one decimal place.

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LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 2017 2016 $75,000 Net Sales $100,000 58,000 45,000 Cost of Goods Sold Gross Profit 42,000 30,000 4,500 9,000 Selling, General, and Administrative Expenses Income from Operations 33,000 25,500 3,000 3,750 Interest Expense Income Before Income Tax 30,000 21,750 Income Tax Expense 9,000 6,525 $ 21,000 Net Income $15,225