Please help me to solve this problem Brief Exercises: Set BUse the following information for Brief Exercises 15-24 and 15-25:Jasmine Company provided the following income statements for its first 3 years ofoperation:Net salesLess: Cost of goods soldGross marginLess: Operating expensesIncome taxesNet incomeYear 1$5,000,000(3,000,000)$ 2,000,000(1,420,00$(232,000)348,000Year 2$ 4,500,000(3,250,000)$1,250,000Year 3$4,000,000(3,600,000)$ 400.000(165,000)(134,000)(800,000)(180,000)$ 270,000 $ 101,000 Brief Exercise 15-24. Preparing Common-Size Income Statementsby Using Base Period Horizontal AnalysisObjective 1 Example 15.1TourRefer to the information for Jasmine Company on the previous page.REQUIRED:Prepare common-size income statements by using Year 1 as the base period. (Note:Round answers to the nearest whole percentage.)TourRequired:HBrief Exercise 15-25. Preparing Income Statements by Using NetSales as the Base: Vertical AnalysisObjective 1 Example 15.2Refer to the information for Jasmine Company on the previous page.Search AnnotationsPrepare common-size income statements by using net sales as the base. (Note:Round answers to the nearest whole percentage.)

15-24/15.1 Particulars Year 1 Year 2 Year 2 Year 3 Year 3 Dollars ($) Dollars ($) % Dollars…

Use the following information for Brief Exercises 15-24 and 15-25: Jasmine Company provided the following income statements for its first 3 years of operation: Net sales Less: Cost of goods sold Gross margin Less: Operating expenses Income taxes Net income Year 1 $5,000,000 (3,000,000) $ 2,000,000 (1,420,000) (232,000) $ 348,000 Year 3 $4,000,000 (3,600,000) $ 400,000 (800,000) (165,000) (180,000) (134,000) $ 270,000 $ 101,000 Year 2 $ 4,500,000 (3,250,000) $1,250,000