A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,593,600 3,508,000 2,085,600 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $ 7,360,000 Cost of goods sold 4,750,000 Gross margin 2,610,000 Selling and administrative expenses : Selling expenses 1,386,000 Administrative expenses 705,500 Total expenses 2,091,500 Net operating income 518,500 Interest expense 104,000 Net income before taxes $ 414,500 1,080,500 608,500 1,689,000 396,600 88,000 $ 308,600 Members of the company's board of directors are surprised to see that net income increased by only $105,900 when sales increased by $1,766,400. 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).) Members of the company's board of directors are surprised to see that net income increased by only $105,900 when sales increased by $1,766,400. 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 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes