Exercise 14-6 Your answer is partially correct. Try again. Here are the comparative Income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 $620,000 $512,000 492,280 428,544 Net sales Cost of goods sold Gross profit Operating expenses Net income 127,720 83,456 86,800 49,152 $ 40,920 $ 34,304 (a) Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of Increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) DELANEY CORPORATION Condensed Income Statements For the Years Ended December 31 Increase or (Decrease) During 2020 2020 2019 Amount Percentage Net sales $620,000 $512,000 108,000 T 21.1 Cost of goods sold 492,280 428,544 63,736 14.9 Gross profit 127,720 83,456 44,264 Operating expenses 86,800 49,152 I 37,648 :52 $34,304 1 37,648 6,616 1 Net income $40,920 $34,304 19.3). (9) Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.3%.) DELANEY CORPORATION Condensed Income Statements For the Years Ended December 31 2020 Amount Percent Amount 2019 Net sales $620,000 $512,000 0% x Cost of goods sold 492,280 428,544 2 III I All III DLL x Gross profit UUUUU 127,720 83,456 Operating expenses 86,800 49,152 Net income $ 40,920 $ 34,304