1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Enter percentages as whole numbers. Enter all amounts as positive numbers. Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 Amount 20Y2 Percent 20Y1 Amount 20Y1 Percent Sales $664,000 % $571,000 % Cost of goods sold 318,720 % 302,630 % Gross profit $345,280 % $268,370 % Selling expenses 132,800 % 108,490 % Administrative expenses 66,400 % 68,520 % Total operating expenses $199,200 % $177,010 % Income from operations $146,080 % $91,360 % Other income 33,200 % 22,840 % Income before income tax $179,280 % $114,200 % Income tax expense 73,040 % 45,680 % Net income $106,240 % $68,520 % 2. The vertical analysis indicates that the costs other than selling expenses (cost of goods sold and administrative expenses) as a percentage of sales. As a result, net income as a percentage of sales The sales promotion campaign appears to have been While selling expenses as a percent of sales slightly, the cost was more than made up for by sales