The Nichols Corporation data for the current year: Account Current year...
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Accounting
The Nichols Corporation data for the current year:
| Account | Current year | Prior year |
| Current assets | $75,600 | $60,000 |
| A/R | $59,400 | $44,000 |
| Mdse. Inventory | $51,200 | $40,000 |
| Current liabilities | $71,500 | $55,000 |
| Long-term liabilities | $36,000 | $30,000 |
| Common stock (5,000 shares) | $47,460 | $42,000 |
| Retained earnings | $31,240 | $17,000 |
| Net sales revenue | $607,700 | $515,000 |
| COGS | $469,700 | $385,000 |
| Gross Profit | $138,000 | $130,000 |
| Selling/General expenses | $49,080 | $52,000 |
| Net income before taxes | $88,920 | $78,000 |
| Income tax expense | $20,520 | $18,000 |
| Net Income | $68,400 | $60,000 |
What would a horizontal analysis report with respect to net income before income tax expense and net income?
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