The following is a summary of information presented on the financial statements of a company on December 31, 2019. Account 2019 2018 Net Sales Revenue $606,000 $503,000 Cost of Goods Sold 457,000 403,000 Gross Profit $149,000 $100,000 Selling Expenses 54,000 55,000 Net Income Before Income Tax Expense $95,000 $45,000 Income Tax Expense 36,000 21,000 Net Income $59,000 $24,000 With respect to net income, a horizontal analysis reveals (Round your answer to two decimal places.)