Below is the compate income statement of P. Dowly, Inc Ockson to view the comparative come statement D Requirement 1. Prepare a co wysis of the comparative Income statement of P Domety, Inc Round percentage changes to the respect, XX. stor. P. Donnelly, Inc. Horisontal Analysis of Comparative Income Statement Year Ended December 31, 2016 and 2017 Increase (Decrease) 2018 2017 Amount Percentage Raven $ 520 000 $ 450,000 Expres Cost of goods sold 251.000 2:35.000 Selling and general expenses 115.000 105.900 ost expen 10 000 1000 47.700 18000 Incorax expense 424100 3 900 To expense 96.500 5 Netcom Requirement 2. Why did net income increase by a high percentage tanto teve increased 2015 med hedd Mer incorsed by a higher percentage thatotal es during 2018 decale SO Data table P. Donnelly, Inc. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Revenue $ 520,000 $ 458,800 251.000 235,000 Expenses: Cost of goods sold Selling and general expenses Interest expense 115 400 109,900 10,000 47.700 1.000 48.000 Income tax expense Total expenses 424 100 393,900 Net income $ 95.900$ 64.900