Income statement data for Boone Company for two recent years ended December 31, are as follows Current Year $456,000 389,400 $66,600 $18,700 16,520 $35,220 $31,380 12,600 $18,780 Previous Year $380,000 330,000 $50,000 $17,000 14,000 $31,000 $19,000 7,600 $11,400 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax Income tax expenses Net income a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Boone Company Comparative Income Statement For the Years Ended December 31 Current year Amount Previous year Amount Increase (Decrease) Amount Increase (Decrease) Percent $380,000 330,000 $50,000 17,000 14,000 $31,000 $19,000 7,600 $11,400 $456,000 389,400 Cost of goods sold Gross profit Selling expenses $66,600 18,700 Administrative expenses 16,520 Total operating expenses $35,220 Income before income tax $31,380 12,600 $18,780 Income tax expense Net income