-1 Exercise 9-3 Horizontal and vertical analysis Income statements for Gaidar Company for 2014 and 2015 follow. 2015 2014 Sales Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net Income $300,000 192,000 30,000 15,000 6,000 $243,000 57,000 14,000 $ 43,000 $250,000 150,000 24,000 20,000 8,000 $202,000 48,000 12,000 $ 36,000 Required Round all percentages to one decimal point. a. Perform a horizontal analysis, showing the percentage change in cach income statement cd.sponent between 2014 and 2015. b. Perform a vertical analysis, showing each income statement component as a percent of sales for each year