1 A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: Gross margin Selling and administrative expenses 5 Mckenzie Sales, Liter Comparative Income Statesent p Sales This Year: $ 7,320,000 Last Year $5,563,200 Cost of goods sold 4,500,000 2,640,000 1,399,000 3,516,00 2,047,200 1,075,00 285,5ea 612,000 ABS 535.500 1687008 360,200 95,968 5437,500 50,000 $270,200 Sipped Selling expenses Administrative expenses Total expenses Net operating incone Interest expense Net income before taxes Members of the company's board of directors are surprised to see that net income increased by only $167.300 when sales increased by $1,756,800 Required: 1 Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (.. 0.1234 should be entered as 12.31.) Sales Cost of goods sold This Year Last Year Gross margin 0.0% 00% Seiting and administrative expenses Being exper N Administrative expe % Total seling and administrative expenses 0.0% 00% Not operating income 0.0% 00% Interest exp Net income before taxe 00% 00% Check my work