The comparative income statements of McMahon Music Co. follow: (photo of data table)

Requirement 1. Prepare a horizontal analysis of the comparitive income statements of McMahon Music Co. Round percentage changes to the nearest one-tenth percent.

McMahon Music Co Horizontal Analysis of Comparative Income Statements Years Ended December 31, 2016 and 2015 Increase (Decrease) Amount Percentage 2016 2015 $ 852,000 $ 912,000 Total revenue Expenses: Cost of goods sold Selling and general expenses Interest expense Income tax expense Total expenses 402,000 408,000 232,000 264,000 9,200 10,500 83000 84,000 726,200 7665001 ] $125,800 $ 145,500 Net income