- The income statement for Marshall Ltd. is shown below: MARSHALL LTD. Income Statement Year Ended December 31 (in millions) 2018 2017 Sales $1,602 $1,393 Cost of goods sold 891 751 Gross profit 711 642 Operating expenses 524 410 Income from operations 187 232 Interest expense 80 Income before income tax 107 182 Income tax expense 27 46 Net income $80 $136 2016 $1,188 596 592 401 191 40 151 38 $113 50 Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2016 is the base year. (Round answers to 1 decimal place, e.g. 5.2%)