A comparative Income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,593,600 3,500,000 2,085,600 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,360,000 Cost of goods sold 4,700,000 Cross margin 2,660,000 Selling and administrative expenses: Selling expenses 1,390,000 Administrative expenses 703,000 Total expenses 2,093, 000 Net operating income 567,000 Interest expense 98,000 Net Income before taxes $ 469,000 1,074,500 612.000 1,686,500 399, 100 92,000 $ 307,100 Members of the company's board of directors are surprised to see that net income increased by only $161,900 when sales increased by $1,766,400 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (l.e., 0.1234 should be entered as 12.3).) This Year % Last Year % % 0.0 % 0.01% Sales Cost of goods sold Gross margin Selling and administrative expenses Seling expenses 1% % Interest expense Net income before taxes 98,000 $ 469,000 92,000 307, 100 $ Members of the company's board of directors are surprised to see that net incom by $1,766,400 Required: 1. Express each year's income statement in common-size percentages. (Round yo 0.1234 should be entered as 12.3).) This Year % % 0.0 % Last Year % % 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 %