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Prepare a horizontal analysis of the following comparative income statement of McCready Tutoring Inc. Round percentage changes to the nearest one-tenth percent (three decimal places) (Click the icon to view the comparative income statement.) Why was the percentage increase in net income higher than that in total revenue dunng 20207 Show McCready's horizontal analysis of net sales and expenses. (Round percentages to one decimal place.) McCready Tutoring Inc. Hanzontal Analysis of Comparative Income Statement For the Year Ended December 1, 2020 and 2019 Increase/Decrease) 2020 2013 Amt Net als 5 549.000 $479,000 Expenses Cost of goods sold 249,000 220,000 Selling and general expenses 156.000 147,000 Interest 10,000 1000 En i Data Table - X McCready Tutoring Inc. Income Statement For the Years Ended December 31, 2020 and 2019 2020 2019 Net sales $ 549,000 $479,000 Expenses Cost of goods sold Selling and general expenses 220,000 249,000 156,000 147,000 Interest expense 8.000 10,000 69,000 Wages expense 57.000 Total expenses 484 000 432.000 Net income $ 65,000 $ 47,000 no st Print bone Increase/Decrease Amt 2020 2019 $ 519,000 $ 79,000 Notes Expenses Cost of goods sold Selling and general expenses pense Wages expense Total 249,000 150.000 10,000 69,000 220,000 147,000 3.000 57.000 432,000 47.000 84,000 65.000 $ 5 Not income Net income increased by a much higher percentage than total revenues during 2020 because increased at a faster rate that did