Prepare a comparative income statement with horizontal analysis for the two-year period, indicating the increase (decrease) for the current year when compared with the previous year. Use the minus sign to indicate an amount or percent decrease. If required, round percentages to one decimal place.

Income statement data for Moreno Company for two recent years ended December 31, are as follows: Moreno Company Comparative Income Statement For the Years Ended December 31, 20-1 Current Year Previous Year 2 Sales $1,120,000.00 $1,000,000.00 3 Cost of goods sold 971,250.00 875,000.00 $148,750.00 $125,000.00 $71,250.00 $62,500.00 6 Administrative expenses 56,000.00 50,000.00 7 Total operating expenses $127,250.00 $112,500.00 $21,500.00 $12,500.00 8,000.00 5,000.00 $13,500.00 $7,500.00 4 Gross profit 5 Selling expenses 8 Income before income tax 9 Income tax expense 10 Net income Required: Prepare a comparative income statement with horizontal analysis for the two-year period, indicating the increase (decrease) for the current year when compared with the previous year. Use the minus sign to indicate an amount or percent decrease. If required, round percentages to one decimal place. Question not attempted. Score: 0/63 Moreno Company Comparative Income Statement For the Years Ended December 31, 20-- Increase Previous 2 Current Year 3 Sales $1,120,000.00 $1,000,000.00 4 Cost of goods sold 5 Gross profit 6 Selling expenses 7 8 9 10 Administrative expenses Total operating expenses Income before income tax Income tax expense 11 Net income Year 971,250.00 875,000.00 $148,750.00 $125,000.00 $71,250.00 $62,500.00 56,000.00 50,000.00 $127,250.00 $112,500.00 $21,500.00 $12,500.00 8,000.00 5,000.00 $13,500.00 $7,500.00 Increase (Decrease) 1 (Decrease) Amount Percent