Prepare a comparative income statement with horizontal analysis for the 2 year period using 20y1 as the base year. Round to the nearest decimal point.

McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales...... . .... $16,800,000 $15,000,000 Cost of merchandise sold. ..... 11,500,000 10,000,000 Gross profit..... .. ... $ 5,300,000 $ 5,000,000 Selling expenses.. .. . .. did $ 1,770,000 $ 1,500,000 Administrative expenses. ... 1,220,000 1,000,000 Total operating expenses..... $ 2,990,000 $ 2,500,000 Income from operations..... . . $ 2,310,000 $ 2,500,000 Other revenue...... mm 256,950 225,000 Income before income tax expense.. .. . .. I. $ 2,566,950 $ 2,725,000 Income tax expense..... .. . . I L L 1,413,000 1,500,000 Net income.. . .. . . $ 1,153,950 $ 1,225,000