Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Increase (Decrease) Year Amount 2022 2021 19,200,000 $ Net sales 2$ 15,900,000 Cost of goods sold 13,017,600 7,250,400 Gross profit 6,182,400 8,649,600 Operating expenses Depreciation expense 1,708,800 1,287,900 1,094,400 1,094,400 Inventory write-down Loss (litigation) 288,000 1,612,800 365,700 1,478,400 537,600 940,800 $ Income before tax 5,901,600 Income tax expense 2,114,700 2$ Net income 3,786,900