LO 2 ALTERNATE PROBLEMS Horizontal and Vertical Analysis P7. Rylander Corporation's condensed comparative income statements and balance sheets for 2014 and 2013 follow. REET crease crease 34.296 2013 $6,292,800 4,016,800 $2,276,000 Rylander Corporation Comparative Income Statements For the Years Ended December 31, 2014 and 2013 2014 Net sales $6,553,600 Cost of goods sold 4,177,600 Gross margin $2,376,000 Operating expenses: Selling expenses $ 953,600 Administrative expenses 894400 Total operating expenses $1,848,000 Income from operations $ 528,000 Interest expense 131,200 Income before income taxes $ 396,800 Income taxes expense 124,800 Net income $ 272,000 Earnings per share $1,036,000 846,400 $1,882,400 $ 393,600 78,400 $ 315,200 113,600 $ 201,600 $ 2.52 3.40