Check my work A comparative income statement is given below for Mckenzie Sales, Ltd., of Toronto: Last Year $5,570,800 3.511, 500 2,059,300 3:52:39 McKenzie Sales, Ltd. Comparative Incone Statement This Year Sales $7,330,000 Cost of goods sold 4,770,000 Gross margin 2,560,000 Selling and administrative expenses: Selling expenses 1,392,000 Administrative expenses 711,000 Total expenses 2,103,000 Net operating income 457,000 Interest expense 97,000 Net income before taxes $360,000 1,081,000 617,500 1,698,500 360,800 88,000 $ 272,800 Book rences Members of the company's board of directors are surprised to see that net income increased by only $87,200 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 (ie, 0.1234 should be entered as 12.3).) Last Year This Year % % 0.0 % Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses % 0.0 % % % Check my work 2 Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes 1,392,000 711,000 2,103,000 457,000 97,000 $360,000 1,081,000 617,500 1,698,500 360,800 88.000 $ 272,800 03:52:27 Members of the company's board of directors are surprised to see that net income increased by only $87,200 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 (ie, 0.1234 should be entered as 12.3).) Book Print Last Year References % This Year % % 0.0 % % 0.01% 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 % % 0.01% % % 001% 0.0 % % 0.01% 0.0% 0.0% w Hill