E12-16A (similar to) The comparative income statements of McCormick Music Co. follow: E: (Click the icon to view the comparative income statements.) Requirement Prepare a horizontal analysis of the comparative income statements of McCormick Music Co. nearest one-tenth percent (Use a minus sign or parentheses for decreases. Round percentage percent, X.X%) Data Table McCormick Music Co. Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2018 and 2017 Increase (Decrease) 2018 2017 Amount Percentage $ 844.000 $ 934,000 Total revenue McCormick Music Co. Comparative Income Statements Years Ended December 31, 2018 and 2017 2018 $ 844,000 $ Total revenue 2017 934,000 404,000 % Expenses: Cost of goods sold Selling and general expenses Interest expense % 234,000 9,300 84.000 400,000 267,000 12.000 86,000 % $ 404,000 $ Expenses: Cost of goods sold Selling and general expenses Interest expense 234,000 Income tax expense % 400,000 267,000 12,000 86,000 731,300 765.000 Total expenses % 9,300 84,000 $ 112,700 169,000 Income tax expense Net income 731,300 Total expenses 765,000 $ 112,700 $ 169,000 Net income Print Done