A comparative income statement is given below for McKenzie Sales, Ltd. of Toronto: McKenzie Balen. Ltd. Comparative Tncome Statement This Year Last Year Sales $7,310,000 $5,555,600 Cost of goods sold 4.600,000 3,513.500 Gross margin 2,710,000 2,042,100 Selling and administrative expenses Selling expenses 1,384,000 1,076,500 Administrative expenses 705,500 613,000 Total expenses 2.089,500 1,689,500 Net operating income 620,500 352,600 Interest expense 104,000 85,000 Net Income before taxes $ 516,500 $ 267,600 Members of the company's board of directors are surprised to see that net income increased by only $248,900 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 lie.. 0.1234 should be entered as 12.3).) This Year % % Last Year % % 0.01% 0.0 % Sales Cost of goods sold Gross margin Selling and administrative expenses Solling expenses Administrative expenses Total seling and administrative expenses Net operating income Interest expense Net Income before taxes % % 0.0 % 0.0 % % % % 0.01% 0.01% % 0.0 % 00%