A common-size income statement for Creek Enterprises' 2018 operations. Using the firm's 2019 income statement, develop the 2019 common-size income statement and compare it to the 2018 statement. Which areas require further analysis and investigation? Complete the common-size income statement for the year ending December 31,2019 and compare it to the common-size income statement for the year ending December 2018: (Round to 1 decimal place).

2018 100.0 % 65.7 34.3 % % 13.1 % 6.4 Creek Enterprises Common-Size Income Statement for the Years Ended December 31, 2018 and December 2019 2019 Sales revenue % Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense General and administrative expenses Lease expense Depreciation expense Total operating expense Operating profits Less: Interest expense Net profits before taxes % Less: Taxes (rate = 40%) Net profits after taxes Less: Preferred stock dividends Earnings available for common stockholders % 0.7 3.9 3 24.1 10.2 % 1.4 8.8 % 3 3.5 5.3% 0.2 5.1 % Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue $29,978,000 Less: Cost of goods sold 20,972,000 Gross profits $9,006,000 Less: Operating expenses Selling expense $2,974,000 General and administrative expenses 1,792,000 Lease expense 245,000 Depreciation expense 1,044,000 Total operating expense 6,055,000 Operating profits $2,951,000 Less: Interest expense 982,000 Net profits before taxes $1,969,000 Less: Taxes (rate = 40%) 787,600 Net profits after taxes $1,181,400 Less: Preferred stock dividends 73,000 Earnings available for common stockholders $1,108,400 100.0 % 65.7 34.3 % Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($34.964,000) Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense 13.1 % General and administrative expenses 6.4 Lease expense 0.7 Depreciation expense 3.9 Total operating expense Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate = 40%) Net profits after taxes Less: Preferred stock dividends Earnings available for common stockholders 24.1 10.2 % 1.4 8.8 % 3.5 5.3 % 0.2 5.1 %