LO 2 PROBLEMS Horizontal and Vertical Analysis. P1.Obras Corporation's condensed comparative income statements and comparative. balance sheets for 2014 and 2013 follow SPREADSHEET tincome: 349% increase otal assets: 3.6% increase 2:2014 Net income: 4.29 Obras Corporation Comparative Income Statements For the Years Ended December 31, 2014 and 2013 2014 2013 Net sales. $3.276800 $3,146,400 Cost of goods sold 2,088,800 2,008,400 Gross margio.. $1188,000 $1138,000 Operating expenses: Selling expenses $.426.800 5.518.000 Administrative expenses... 442.200 423.200 Total operating expenses $.924.000 $.941,200 Income from operations .. $. 264.000 $. 196.800 Interest expeose 65.600 39.200 Income before income taxes S. 198.400 $.357.600 Income taxes.expeose 62.400 56,800 Net income $.136.000 $.100.800 Earnings per share $...3.40 S....252 (Continued)