E18-2 Prepare a horizontal analysis of the following comparative income statement of Saladin Publishing. Round percentage changes

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E18-2 Prepare a horizontal analysis of the following comparative income statement of Saladin Publishing. Round percentage changes to the nearest one-tenth percent (three deci- mal places): SALADIN PUBLISHING Comparative Income Statement Years Ended December 31, 20X4 and 20X3 Total revenue. Expenses: Cost of goods sold. Selling and general expenses. Interest expense Income tax expense. Total expenses 20X4 20X3 $460,000 $373.000 $202.000 $188.000 98,000 93.000 7.000 4.000 52.000 37,000 359,000 322,000 $101.000 $ 51,000 Net income. Why did net income increase by a higher percentage than total revenues during 20X4?

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