A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement. This Year $ 7,380,000 4,670,000 2,710,000 Last Year $ 5,608,800 3,506,500 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net incone before taxes 1,393,000 703,500 2,096,500 613,500 99,000 $ 514,500 2,102,300 1,078,500 613,500 1,692,000 410,300 90,000 $ 320,300 Members of the company's board of directors are surprised to see that net income increased by only $194,200 when sales increased by $1,771,200. 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).) Required: 1. Express each year's income statement in common-size percentages. (Round your percentage an 0.1234 should be entered as 12.3).) Sales Cost of goods sold Gross margin This Year Last Year do do do % % % % % % Selling and administrative expenses: Selling expenses % % Administrative expenses % % Total selling and administrative expenses % % Net operating income % % Interest expense % Net income before taxes % %