A comparative Income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales This Year $ 7,300,000 Cost of goods sold Gross margin 4,590,000 2,710,000 Last Year $ 5,548,000 3,506,500 2,041,500 Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income. Interest expense Net income before taxes: 1,391,000 1,078,000 712,000 612,000 1,690,000 351,500 2,103,000 607,000 106,000 $ 501,000 91,000 $ 260,500 Members of the company's board of directors are surprised to see that net income increased by only $240,500 when sales increased by $1,752,000. 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).) Sales Cost of goods sold This Year Last Year % % % % Gross margin Selling and administrative expenses: Selling expenses % % Administrative expenses % % Total selling and administrative expenses % % Net operating income % % Interest expense % % Net income before taxes % %