A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement This Year Sales $ 7,360,000 Cost of goods sold Gross margin Selling and administrative expenses: 4,690,000 2,670,000 Last Year $ 5,593,600 3,510,500 2,083,100 Selling expenses Administrative expenses Total expenses Net operating income 1,391,000 1,080,500 705,500 617,500 2,096,500 1,698,000 573,500 385,100 Interest expense Net income before taxes 106,000 90,000 $ 467,500 $ 295,100 Members of the company's board of directors are surprised to see that net income increased by only $172,400 when sales increased by $1,766,400. 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).) 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 % %