Required: 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Use the minus sign to indicate a decrease in the Difference" columns. If required, round to one decimal place. McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 2012 2011 Difference - Amount Difference - Percent - Sales $321,432 $294,000 % Cost of goods sold 228,000 190,000 % Gross profit $93,432 $104,000 % Selling expenses $31,250 $25,000 $ Administrative expenses 18,880 16,000 % honestamos Total operating expenses $50,130 $41,000 s % Income from operations S % $43,302 $63,000 1,468 1,200 Other income % Income before income tax $44,770 s % $64,200 19,300 Income tax expense 12,500 % Net income $32,270 $44,900 % 2. Net Income has from 20Y1 to 2012. Sales have ; however, the cost of goods sold has causing the gross profit to