ED-15 Performing horizontal analysis-income statement Data for McCormick Designs, Inc. follow: MCCORMICK DESIGNS, INC Comparative Income Statement Years Ended December 31, 2016 and 2015 2016 2015 Net Sales Revenue $431,250 373,000 Expenses Cost of Goods Sold Selling and Administrative Expenses Other Expenses Total Expenses 202,000 100,050 8,000 310,050 $121,200 189,000 92,550 2,150 283,700 $ 89,300 Net Income Requirements 1. Prepare a horizontal analysis of the comparative income statement of McCormick esigns, Inc. Round percentage changes to one decimal place. 2. Why did 2016 net income increase by a higher percentage than net sales revenue