A comparative Income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,570, 800 3.507,000 2.063,800 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,330,000 Cost of goods sold 4,710,000 Gross margin 2,620,000 Selling and administrative expenses Selling expenses 1,380,000 Administrative expenses 711,500 Total expenses 2,091,500 Not operating Income 528,500 Interest expense 105,000 Net Income before taxes 423,500 1,074,500 616,000 1,690,500 373,300 91.000 $ 282,300 Members of the company's board of directors are surprised to see that net income increased by only $141.200 when sales increased by $1,759,200 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place for 0.1234 should be entered as 12.3):) This Year 100.0 % Last Year 100.0 % 100.0% 0.0 % 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 % % 100,01% (1000) % (100.0) 100.0 %