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Part 1

5.

Independence

Corp. reported the following on its comparative income statement:

(In millions)20252024Net Sales Revenue$15,000$13,000Cost of Goods Sold9,5005,500

Prepare a horizontal analysis of net sales revenue, cost of goods sold, and gross

profitboth

in dollar amounts and in percentages. (Enter amounts in millions. Round the percentages to the nearest percent, X%. Use a minus sign or parentheses to indicate a decrease.)

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Part 1

Independence, Corp. Income Statement - (Partial) Years Ended December 31, 2025 and 2024 Increase (Decrease)(Amounts in millions)20252024AmountPercentage Net Sales Revenue$15,000$13,000 % Cost of Goods Sold9,5005,500 % Gross Profit %