Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage. 

b. Comment on the significant changes disclosed by the comparative income statement.

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Current Year Prior Year Sales $4,000,000 $3,600,000 Cost of merchandise sold 2,280,000 1,872,000 Selling expenses Administrative expenses 600,000 648,000 520,000 360,000 Income tax expense 240,000 216,000