McCormick Designs, Inc. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 431,500 $ 371,150 Expenses: Cost of Goods Sold 201,550 Selling and Administrative Expenses 100,050 8,000 186,250 94,000 6,000 Other Expenses Total Expenses 309,600 286,250 $ 121,900 $ 84,900 Net Income 1. Prepare a horizontal analysis of the comparative income statement of McCormick Designs, Inc. Round percentage changes to one decimal place. Why did 2018 net income increase by a higher percentage than net sales revenue? 2