The comparative income statements of Fashion Music Co. follow: E: (Click the icon to view the comparative income statements.) Requirement Prepare a horizontal analysis of the comparative income statements of Fashion Music Co. Round percentage changes to the nearest one-tenth percent. (Use a minus sign or parentheses for decreases. Round percentage changes to the nearest one-tenth percent, X.X%.) Data Table Fashion Music Co. Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2018 and 2017 Increase (Decrease) 2018 2017 Amount Percentage $ 1,075,000 $ 915,000 160000 17.5 Fashion Music Co. Comparative Income Statements Years Ended December 31, 2018 and 2017 Total revenue % Expenses: Cost of goods sold Selling and general expenses 2018 $ 1,075,000 $ 2017 915,000 68750 16.9% 475,000 285,000 24000 9.2 % 406,250 261,000 12,500 82,150 Interest expense 10000 $ Total revenue Expenses: Cost of goods sold Selling and general expenses Interest expense 475,000 $ 22.500 104,500 406,250 22350 285,000 261,000 Income tax expense Total expenses 8.0 % 27.2 % 16.4% 22.8 % 887,000 761,900 188,000 $ 153,100 125100 22,500 104,500 12,500 82.150 $ 34900 Net income Income tax expense 887,000 761,900 Total expenses $ 188,000 $ 153,100 Net income Print Done