96 96 Common-Size Income Statements Following is the income statement for 3M Company. Prepare common-size income statements for 2014 and 2013. Round answers to one decimal place (i.e., 0.8867 = 88.7%). Use negative signs with answers, when appropriate. 3M Company Common-size Income Statements ($ millions) Dec. 31, 2014 Dec. 31, 2013 Net sales 35,046 96 32,816 Operating expenses: Cost of sales 16,952 96 16,339 Selling, general & admin. expenses 6,974 96 6,617 96 Research & development expenses 2,275 1,948 96 Operating income 8,845 96 7,912 Interest expense and income: Interest expense 96 Interest income (39) (45) 96 Net interest 109 96 Income before taxes & minority interest 8,736 96 7,808 96 Provision for income taxes 2,533 2,074 96 Net income $6,203 96 $5,734 96 96 96 148 96 149 96 104 96 96