1. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages to one decimal place. Enter all amounts as positive numbers.

Indigo Company

Comparative Income Statement

For the Years Ended December 31, 2016 and 2015

1		2016	2016	2015	2015
2		Amount	Percent	Amount	Percent
3	Sales	$820,000.00		$600,000.00
4	Cost of goods sold	311,600.00		240,000.00
5	Gross profit	$508,400.00		$360,000.00
6	Selling expenses	$164,000.00		$108,000.00
7	Administrative expenses	57,400.00		54,000.00
8	Total operating expenses	$221,400.00		$162,000.00
9	Income from operations	$287,000.00		$198,000.00
10	Other income	65,600.00		48,000.00
11	Income before income tax	$352,600.00		$246,000.00
12	Income tax expense	246,000.00		180,000.00
13	Net income	$106,600.00		$66,000.00