Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Previous Year Current Year Sales $412,500 $330,000 Cost of merchandise sold 356,700 290,000 Gross profit $55,800 $40,000 Selling expenses $16,100 $14,000 Administrative expenses 14,760 12,000 Total operating expenses $30,860 $26,000 Income before income tax expense $24,940 $14,000 Income tax expenses 10,0০০ 5,600 Net income $14,940 $8,400 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year year (Decrease) (Decrease) Amount Amount Amount Percent Sales $412,500 $330,000 s Cost of merchandise sold 356,700 290.000 Gross profit $55,800 $40,000 Selling expenses $16,100 $14,000 s Administrative expenses 14,760 12,000 Total operating expenses $30.860 $26.000 Income before income tax expense $24,940 $14,000 Income tax expense 10,000 5,600 Net income $14,940 $8,400 S