2020 2019 Sales revenue $810,000 $590,000 Cost of goods sold 538,650 423,030 Selling expenses 116,640 70,800 Administrative expenses 59,940 51,330 Income tax expense 28,350 24,190 Net income 66,420 20,650 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round percentages to 1 decimal place, eg. 12.1%.) CHEYENNE CORP. Condensed Income Statement 2020 2019 Amount Percent Amount Percent Sales $810,000 % $590,000 Cost of goods sold 538,650 % 423,030 Gross profit 271,350 | % 166,970 Selling expenses 116,640 % 70,800 Administrative expenses 59,940 % 51,330 Total operating expenses 176,580 122,130 Income before income taxes 94,770 44,840 Income tax expense 28,350 % 24,190 Net income $ 66,420 % $20,650