For 2008, Doane Inc. reported its most significant increase in net income in years. At the end of the year, Jeff Newton, the president, is presented with the following condensed comparative income statement Doane Inc. Comparative Income Statement For the Years Ended December 31, 2008 and 2007 2008 2007 Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other income Income before income tax Income tax expense Net income 590,060 50,400 $39,660 516,560 10,800 $27.360 $12.300 600 $12.900 2.880 $10,020 572,000 42,000 530,000 514.400 9,600 $24,000 $ 6,000 600 5 6.600 1.440 $ 5.160 Instructions 1 Prepare a comparative income statement with honzontal analysis for the two-year period, using 2007 as the base year Round to one decimal place