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3) Perform a horizontal trend analysis on the following income statements, comment on favorable and unfavorable trends. Mig's Market Income Statements For the Years Ended October 31 Year 3 Year 2 Year 1 Fees Earned 85,000 $79,000 $68,500 Operating expenses: Rent expense Salaries expense Utilities expense Legal expense Total operating expenses Net income 12,500 14,000 4,500 12.000 43,000 42,000 $13,200 11,500 4,200 10.000 $38.900 $40,100 $12,000 13,000 3,600 13,200 $41,800 $26,700