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 %