McMahon Music Co. Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2021 and 2020 Increase (Decrease) 2021 2020 Amount Percentage Total revenue $1,080,000 $919,000 161,000 17.52 % Expenses: Cost of goods sold 479,000 400,450 78,550 19.62 % Selling and general expenses 289,000 269,000 20,000 7.43 % Interest expense 24,500 14,500 10,000 68.97 % Income tax expense 106,500 86,850 -76,350 -87.91 % Total expenses 899,000 770,800 128,200 16.63 % Net income $181,000 $148,200 32,800 22.13 %