A comparative Income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year $7,350,000 4,620,000 2,730,000 Last Year $5,586,000 3,508,000 2,078,000 Sales Cont of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total expenses Net operating income Interest expense Bet income before taxes 1,394,000 710.000 2,104,000 626,000 98,000 1,072,500 614,000 1,686,500 391,500 93,000 $ 298,500 528,000 Members of the company's board of directors are surprised to see that net income increased by only $229,500 when sales increased by $1,764,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (ie, 01234 should be entered as 12,3).) This Year Last Year % Sales Cost of goods sold % 001 0.0 % Gross margin Selling and administrative expenses Selling expenses Administrative expenses 0.0 0101 Total sehing and administrative expenses Net Operating income Interest expense 001 0.0 001 0019 Not income before