Exercise $13-3$A $($Algo$)$ Horizontal and vertical analysis LO $13-1$ Income statements for Franklin Company for Year $3$ and Year $4$ follow: FRANKLIN COMPANY Income Statements Year $4$ Year $3$ Sales $ $200,100$ $ $180,100$ Cost of goods sold $143,500121,500$ Selling expenses $21,40019,400$ Administrative expenses $12,80014,800$ Interest expense $3,4005,400$ Total expenses $181,100161,100$ Income before taxes $19,00019,000$ Income taxes expense $5,7003,700$ Net income $ $13,300$ $ $15,300$ Required Perform a horizontal analysis, showing the percentage change in each income statement component between Year $3$ and Year $4.$ Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.