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 $862,000 $785,000 77,000 X % Cost of goods sold (650,000) (500,000) 150,000 Gross profit $212,000 $285,000 -73,000 % Selling expenses $(44,000) $(40,000) 4,000 Administrative expenses (27,000) (25,000) 2,000 Total operating expenses $(71,000) $(65,000) 6,000 Income from operations $141,000 $220,000 -79,000 % Other revenue 2,300 2,000 300 Income before income tax $143,300 $222,000 -78,700 Income tax expense (13,000) (20,000) -7,000 o/o Net income $130,300 $202,000 $ -71,700 %