Administrative expenses 70,400 75,000 10,500 Income tax expense 16,400 Required: a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Young Technologies Inc. Comparative Income Statement For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent Sales % $ % Cost of goods sold % % Gross profit $ % $ % Selling expenses % % Administrative expenses % % Total expenses % % Income from operations % % Income tax expense % % Net income % % Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales $500,000 Cost of goods sold Selling expense Administrative expenses 325,000 70,000 $440,000 242,000 79,200 70,400 75,000 Income tax expense 10,500 16,400 Required: a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Young Technologies Inc. Comparative Income Statement For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent Sales % % Cost of goods sold % % Gross profit di % % Selling expenses % %