Exercise 13-06 a-b Your answer is partially correct. Try again. Here are the comparative income statements of Sarasota Corp.. Net sales Cost of goods sold Gross Profit Operating expenses Net income SARASOTA CORP. Comparative Income Statement For the Years Ended December 31 2020 $588,000 449,820 138,180 85,260 2019 $490,000 402,780 87,220 46,550 $ 40,670 $ 52,920 (a) Prepare a horizontal analysis of the income statement data for Sarasota Corp., using 2019 as a base. (If amount and show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal p SARASOTA CORP. Comparative Income Statement For the Years Ended December 31 Increase or (Decrease) During 2020 2020 2019 Amount Percentage Net sales $588,000 $490,000 98000 20 % Cost of goods sold 449,820 402,780 47040 12|| % Gross Profit 138,180 87,220 50960 58 % X Operating expenses 85,260 46,550 38710 83|| % Net income $ 52,920 $ 40,670 12250 301 % (b) (b) Prepare a vertical analysis of the income statement data for Sarasota Corp. for both years. (Round percentage SARASOTA CORP. Condensed Income Statements For the Years Ended December 314 2020 2019 Percent Percent Net sales $588,000 100 % $490,000 100 % X X Cost of goods sold 449,820 77 % 402,780 82|| % X Gross Profit 138,180 24 % 87,220 18 % Operating expenses 85,260 15 % 46,550 10 % Net income $ 52,920 90 % $ 40,670 8 % Click if you would like to Show Work for this question: Open Show Work