Data for McCormick Designs, Inc. follow: (Click the icon to view the data.). Read the requirements. Requirement 1. Prepare a horizontal analysis of the comparative income statement of McCormick Designs, Inc. Round percentage changes to one decimal place. (Round the percentages to one decimal place, X.X%. Use a minus sign or parentheses to indicate a decrease.) McCormick Designs, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 Increase (Decrease) 2024 2023 Amount Percentage Net Sales Revenue $ 420,000 $ 373,000 $ 56,000 15.0 % Expenses: Cost of Goods Sold i 204,000 190,000 14,000 7.4% Selling and Administrative Expenses 97,000 95,000 2,000 2.1 % 7,450 3,000 4400 146.7 Other Expenses 308,450 288,000 20480 7.1 % Total Expenses $ 120,550 $ 85,000 $ 35,550 41.8 Net Income Entar any number in the edit fields and then click Check Answer. na al p Mo mp McCormick Designs, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 nde Net Sales Revenue 2024 2023 $ 429,000 $ 373,000 Expenses: Cost of Goods Sold 204,000 190,000 Selling and Administrative Expenses 97,000 95,000 7,450 3,000 Other Expenses ses 308,450 288,000 Total Expenses $ 120,550 $ 85,000 Net Income Print Done i Requirements - X 1. Prepare a horizontal analysis of the comparative income statement of McCormick Designs, Inc. Round percentage changes to one decimal place. 2. Why did 2024 net income increase by a higher percentage than net sales revenue? Print Done