A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,563,200 3,512,000 2,051,200 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,320,000 Cost of goods sold 4,700,000 Gross margin 2,620,000 Selling and administrative expenses: Selling expenses 1,390,000 Administrative expenses 710,000 Total expenses 2,100,000 Net operating income 520,000 Interest expense 106,000 Net income before taxes $ 414,000 1,080,000 617,500 1,697,500 353,700 91,000 $ 262,700 Members of the company's board of directors are surprised to see that net income increased by only $151,300 when sales increased by $1,756,800. 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).) This Year % Last Year % % 0.0 % % 0.0 % 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 % 0.0 % % % % 0.0 % 0.0 % % 0.0 % 0.0 %