2020 2019 Sales revenue $860,000 $550,000 519,440 353,100 Cost of goods sold Selling expenses 118,680 61,600 Administrative expenses 61,060 48,950 24,200 Income tax expense 30,960 Net income 129,860 62,150 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round percentages to 1 decimal place, eg. 12.1%) FLOUNDER CORP. Condensed Income Statement 2020 2019 Amount Percent Amount Percent Sales $860,000 $550,000 Cost of goods sold 519.440 353,100 Gross profit 340,560 196.900 RR Selling expenses 118,680 61,600 Administrative expenses 61,060 48,950 Total operating expenses 179.740 110,550 Income before income taxes 160,820 86,350 Income tax expense 30,960 24,200 Net income $ 129,860 % $62.150