1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y2 as the base year. Enter decreases as negative amounts and negative percentages. Round percentage changes to one decimal place Greyhound Technology Company Comparative Income Statement For the Years Ended December 31, 20Y3 and 20Y2 Increase (Decrease) Increase (Decrease) 20Y3 20Y2 Amount Percent Sales Cost of goods sold Gross proft Selling expenses $723,868 $598,000 (539,600) (380,000) $184,268 218,000 $(76,250 $(50,000) Administrative expenses 0 (44,100 (32,000) _0 Total operating expenses 120,350 s(82,000) $63,918 $136,000 2,500 Income from operations 3,003 Other income Income before income tax Income tax expense Net income $138,500 (18,700 (41,600) $48,221 $96,900 $66,92 2. Based on the horizontal analysis prepared in 1 which of the following statements is correct? a. Net income declined from 20Y2 to 20Y3 b. Sales increased, but the cost of goods also increased causing gross profit to decline c. Other revenues decreased slightly and income tax expense increased d. Over all there is decline in net income