734 of 778 Performing horizontal analysisincome statement Data for McCormick Designs, Inc. follow: ed-15 MCCORMICK DESIGNS, INC Comparative Income Statement Years Ended December 31, 2016 and 2015 2016 $ 431,250S373,000 2015 Net Sales Revenue Expenses 202,000189,00 Cost of Goods Sold Selling and Administrative Expenses Other Expenses Total Expenses 92,550 2.150 283,700 S121,200 S 89,300 100,050 310,050 Net Income Requirements 1. Prepare a horizontal analysis of the comparative income statement of McCormick Designs, Inc. Round percentage changes to one decimal place. 2. Why did 2016 net income increase by a higher percentage than net sales revenue 5:55