A comparative Income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,555,600 3,508,500 2,047100 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,310,000 Cost of goods sold 4,620,000 Gross margin 2.690,000 Selling and administrative expenses: Selling expenses 1,398,000 Administrative expenses 708,000 Total expenses 2,106,880 Net operating income 584,@ee Interest expense 106, Net income before taxes $ 478,000 1,078,500 612,000 1,690,500 356,600 91,000 5265,600 Members of the company's board of directors are surprised to see that net income increased by only $212,400 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 (.e. 0.1234 should be entered as 12.3).) 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (ie 0.1234 should be entered as 12.3).) This Year 100.0% % 100.0 % Last Year 100.0% % 100.0% % 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 % % 0.0% 100.0 % % 100.0 % % 0.01% 100.0 % % 100.0 %