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Exercise 12-3A Prepare horizontal analysis (LO12-2) The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) Answer is complete but not entirely correct. Net sales $ Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year 2022 2021 $ 19,800,000 $ 16,500,000 12,711,600 7,623,000 7,088,400 8,877,000 1,881,000 1,435,500 1,247,400 1,247,400 415,800 1,782,000 231,000 1,762,200 5,963, 100 673,200 2,293,500 $ 1,089,000 $ 3,669,600 Increase (Decrease) Amount % 3,300,000 20.0 5,088,600 66.7 X (1,788,600) (20.1) 1,435,500 X 31.0 1,247,400 0.0 415,800 100.0 X 1,551,000 671.4 (4,200,900) (70.4) (1,620,300) (70.6) (2,580,600) (70.3) Income tax expense Net income $