Requirement 1. Prepare a horizontal analysis of the comparative income statement of McCormick Designs, Inc. Round percentage changes to one decimal place. (Round the percentages to one decimal place, X.X%. Use a minus sign or parentheses to indicate a decrease.) McCormick Designs, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 Increase (Decrease) 2024 2023 Amount $ 428,000 $ 375,000 Net Sales Revenue Expenses: Cost of Goods Sold 205,000 189,350 Selling and Administrative Expenses 100,000 92,000 6,750 5,750 Other Expenses 311,750 287,100 Total Expenses $ 116,250 $ 87,900 Net Income Percentage % % % % olo olo olo % Requirement 2. Why did 2024 net income increase by a higher percentage than net sales revenue? Net income increased by a higher percentage than total net sales revenue during 2024 because