A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,555,600 3,512,500 2,043, 100 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,310,000 Cost of goods sold 4,680,000 Gross margin 2,630,000 Selling and administrative expenses: Selling expenses 1,375,000 Administrative expenses 709,500 Total expenses 2,084,500 Net operating income 545,500 Interest expense 97,000 Net income before taxes $ 448,500 1,080,000 611,500 1,691,500 351,600 91,000 260,600 Members of the company's board of directors are surprised to see that net income increased by only $187,900 when sales increased by $1,754,400. 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 % % 0.01% 0.01% 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 % % % 0.01% 0.01% 0.01% 0.01% % 0.01% 0.01%