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Here are the comparative condensed income statements of Pina Colada Corporation. PINA COLADA CORPORATION Condensed Income Statements For the Years Ended December 31 2022 2021 Net sales $648,000 $540,000 Cost of goods sold 517,104 465,480 Gross profit 130,896 74,520 Operating expenses 85,536 48,060 Net income $ 45,360 $ 26,460 (a) Prepare a horizontal analysis of the income statement data for Pina Colada Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) PINA COLADA CORPORATION Condensed Income Statements + Increase or (Decrease) During 2022 2022 Amount Net sales $648,000 Cost of goods sold 517,104 Gross profit 130,896 Operating expenses 85,536 Net income $ 45,360 2021 $540,000 465,480 74,520 48,060 $ 26,460 $ $ Percentage % % % % % Prepare a vertical analysis of the income statement data for Pina Colada Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) PINA COLADA CORPORATION Condensed Income Statements 2021 Percent Net sales $648,000 % $540,000 Cost of 517,104 % 465,480 goods sold Gross profit 130,896 % 74,520 Operating expenses 85,536 % 48,060 Net income $ 45,360 % $ 26,460 2022 Percent % % % % %

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