20Y1 $569,000 278,810 $290,190 Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 2012 Sales $662,000 Cost of merchandise sold 297,900 Gross profit $364,100 Selling expenses $132,400 Administrative expenses 72,820 Total operating expenses $205,220 Income from operations $158,880 Other revenue 39,720 Income before income tax expense $198,600 Income tax expense 79,440 Net income $119,160 $108,110 73,970 $182,080 $108,110 34,140 $142,250 56,900 $85,350 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. Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 2012 2041 2041 Amount Percent Amount Percent Sales $662,000 % $569,000 Cost of merchandise sold 297,900 % 278,810 20Y2 % % Gross profit $364,100 % $290,190 % $132,400 % $108,110 % Selling expenses Administrative expenses 72,820 % 73,970 % $205,220 % $182,080 % Total operating expenses Income from operations $ 158,880 % $108,110 % Other revenue 39,720 % 34,140 % % $142,250 % Income before income tax expense $198,600 Income tax expense 79,440 Net income $119,160 % 56,900 % % $85,350 %