McCormick Music Co. Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2021 and 2020 Increase (Decrease) 2021 2020 Amount Percentage Total revenue $844,000 $934,000 % Expenses: Cost of goods sold 404,000 400,000 % Selling and general expenses 234,000 262,000 % Interest expense 9,300 12,000 % Income tax expense 84,000 86,000 % Total expenses 731,300 760,000 % Net income $112,700 $174,000 %