Below is the comparative income statement of Wellington, Inc. (Click the icon to view the comparative income statement.) Read the requirements. Requirement 1. Prepare a horizontal analysis of the comparative income statement of Wellington, Inc. Round percentage changes to the nearest tenth of a percent, XX%. (Use a minus sign or parentheses for a decrease.) Wellington, Inc. Horizontal Analysis of Comparative Income Statement Years Ended December 31, 2018 and 2017 Increase (Decrease) 2018 2017 Amount Percentage $ 485,000 $ 411,100|| % Data table Revenue Expenses: Wellington, Inc. Comparative Income Statement Cost of goods sold 262,000 226,000 % Years Ended December 31, 2018 and 2017 Selling and general expenses 115,800 114,800 % 2018 2017 Interest expense 6,000 4,000 Revenue $ 485,000 $ 411,100 Income tax expense 54,700 40,900 % Expenses: Total expenses 438,500 385,700 % Cost of goods sold $ 46,500 $ 25,400 Net income % Selling and general expenses 262,000 115,800 114,800 226,000 Interest expense 6,000 54,700 40,900 4,000 Income tax expense - Requirements Total expenses 438,500 385,700 $ 46,500 $ 25,400 Net income 1. Prepare a horizontal analysis of the comparative income statement of Wellington, Inc. Round percentage changes to the nearest tenth of a percent. 2. Why did net income increase by a higher percentage than total revenues increased during 2018? Print Done Print Done