A comparative income statement is given below for McKenzie Sales Lld of Toronto Last Year $5,578,400 3,508.000 2,070,400 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,340,000 Cost of goods sold 4,768,000 Gross margin 2,580,000 Selling and administrative expenses Selling expenses 1,382,000 Administrative expenses 708, Total expenses 2,090,000 Niet operating income 490,000 Interest expense 106,000 Net income before taxes $ 384.000 1,880,500 17,500 1.698.000 372,480 90,000 282.490 $ Members of the company's board of directors are surprised to see that net income increased by only $101.600 when sales increased by $1761600 Required: 1 Express each year's income statement in common-size percentages (Round your percentage answers to 01234 should be entered as 123 decimal 0.12 Should be entered as 12.3).) my Nu your percentage answers to This Year Last Year 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