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Regan Corporation reported the following amounts on its 2018 comparative income statements: EEB (Click the icon to view the data.) Perform a horizontal analysis of revenues, expenses, and net income-both in dollar amounts and in percentages-for 2018 and 2017. (Use a minus sign or parentheses for decreases. Round percentage changes to the nearest one-tenth of a percent, X.X%.) Regan Corporation Horizontal Analysis Years Ended December 31, 2018, 2017 and 2016 Increase (Decrease) In thousands) 2018 2017 2018 2017 2016 Amount % Amount % % % Revenues Expenses Net income $ 20,477$ 20,997 $ 18,600 10,915 10,238 10,100 $ 9,562 $10,759 $8,500 % Data Table 2018 2017 2016 In thousands) Revenues Expenses Net income S 20.477 $ 20,997 $ 18,600 0,915 10,238 10,100 $ 9,562 $ 10,759 $ 8,500 Print Done Madison Company and Orwell Corporation are competitors. (Click the icon to view the income statements.) Compare the two companies by converting their condensed income statements to common-size statements. Which company earned more net income? Which company's net income was a higher percentage of its net sales? Explain your answer Begin by converting the condensed income statements to common size. (Round your answers to the nearest one-tenth of a percent, .%.) (In millions) Orwell Amount Percent Amount Percent 17,000 10,000 Net sales Cost of goods sold Selling and administrative expenses Interest expense Other expenses Income tax expense Net income 10,166| 4,828[ |% ]% 6,540| |% 2.220[- ]% 102 748 1,088 40 320 800 Data Table Madison Orwell In millions) Net sales Cost of goods sold Selling and administrative expenses Interest expense Other expenses Income tax expense Net income $17,000 $ 10,000 0,1666,540 4,828 2220 80 40 320 800 68 102 748 1,088 $ Print Done