A comparative Income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $7,310,000 $5,555,600 Cost of goods sold 4,740,000 3,507,500 Gross margin 2,570,000 2,048, 100 Selling and administrative expenses: Selling expenses 1,373,000 1,880,500 Administrative expenses 711,000 608,00 Total expenses 2,084,000 1,608,500 Net operating income 486,080 359,600 Interest expense 98,000 89,000 Net incone before taxes $ 270,600 Members of the company's board of directors are surprised to see that net income increased by only $117.400 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).) This Year Last Your % % % % % 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 X % % % % % % %