PR 17-2B Vertical analysis of income statement OBJ. 2 For 20Y2, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando, the president, is presented with the following condensed comparative income statement Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 682500 613,600 Selling expenses. 260,000 188,800 177,000 Adminstrative expenses Income from operations Income before income tax . . ....__. . 169,000 .188,500 78,000 200,600 70,800 ..._.. ..._... . 117000 106,200 .. 149,500 165,200 Income tax expense Instructions 1. Prepare a comparative income statement for the two-year period, presenting arn years. Round percent analysis of each item in relationship to sales for each of the ages to one decimal place 2. . To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1)