A comparative income statement is given below for McKenzie Sales, Ltd, of Toronto: McKenzie Sales, Ltd. Comparative Income Statement Sales This Year $7,400,000 Cost of goods sold Last Year $5,624,000 4,680,000 3,508,000 Gross margin 2,720,000 2,116,000 Selling and administrative expenses: Selling expenses Total expenses 1,371,000 1,075,000 Administrative expenses 707,500 609,500 2,078,500 1,684,500 Net operating income 641,500 431,500 Interest expense 99,000 92,000 Help Save & Ch Net income before taxes $ 542,500 $ 339,500 Members of the company's board of directors are surprised to see that net income increased by only $203,000 when sales increased by $1,776,000. 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).) Sales Cost of goods sold This Year % % Last Year % < Prev 2 of 4 Next > Members of the company's board of directors are surprised to see that net income increased by only $203,000 when sales increased by $1,776,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (le. 0.1234 should be entered as 12.3).) Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses This Year Last Year de de ae % % % % % % % % Total selling and administrative expenses % % Net operating income % % Interest expense Net income before taxes C