A comparative Income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,548,000 3,513,500 2,034,500 McKenzie Salon, titd. Comparative Income Statement This Year Sales $7,300,000 Cost of goods sold 4.720,000 Gross margin 2,580,000 Selling and administrative expenses Selling expenses 1,374,000 Administrative expenses 704.500 Total expenses 2,078,500 Net operating income 501.500 Interest expense 104.000 Net Income before taxes $397,500 1,077,500 611.500 1.689,000 345.500 85.000 $ 260,500 Members of the company's board of directors are surprised to see that net income increased by only $137,000 when sales increased by $1,752,000. ces Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (.e., 0.1234 should be entered as 12.3).) This Year Last Year X Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Not operating income Interest expense RRRR Prey 1 of 9 !!! Next > 6 Homework Saved GO $ 7,300,000 4,720,000 2,580,000 $5,548,000 3,513,500 2,034,500 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes 1,374,000 704,500 2,078,500 501,500 104,000 $ 397,500 1,077,500 611,500 1,689,000 345,500 85,000 $ 260,500 Members of the company's board of directors are surprised to see that net Income increased by only $137,000 when sales increas by $1,752,000 Required: 1. Express each year's income statement in common-size percentages, (Round your percentage answers to 1 decimal place (... 0.1234 should be entered as 12.3).) This Year Last Year 122 % % Sales Cost of goods sold Gross margin Selling and administrative expenses Seling expenses Administrative expenses Total selling and administrative expenses Net operating Income Interest expense Net Income before taxes % % % % % Pray 1 of 9 !!! Next >