3 A comparative Income statement is given below for McKenzie Sales, Ltd., of Toronto: 1.5 points McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $ 7,340,000 $5,578,400 Cost of goods sold 4,690,000 3,508,500 eBook Gross margin 2,650,000 2,069,900 Hint Selling and administrative expenses: Selling expenses Administrative expenses 1,378,000 710,000 1,074,500 616,000 Print Total expenses 2,088,000 1,690,500 Net operating Income Interest expense References 562,000 104,000 1379,4001 87,000 Net Income before taxes $ 458.000 $ 1292.4001 Members of the company's board of directors are surprised to see that net Income Increased by only $165,600 when sales Increased by $1.761.600. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (I.e., 0.1234 should be entered as 12.3).) This Year Last Year 98 26 0.4 06 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses TE Administrative expenses 013 se ling and administrasve expenses Net operating income Interest expense Netlobe before taxes 96 26 96 56 SA