Analyzing Transactions 9 33. By performing a horizontal analysis on the following income statements, identify favorable and unfavorable trends. Show changes in amounts and percentages (rounded to the nearest whole percentage). Mig's Market Income Statements For the Years Ended October 31 Sales Cost of sales Operating expenses: Year 2 Year 1 $79,000 $68,500 $17,550 $15,750 Rent expense Salaries expense Utilities expense Legal expense $13,200 $12,000 11,500 13,000 3,600 10.000 13.200 $38,900 $A1800 $22.550 $10.950 4,200 Total operating expenses Net income