Common-Size Income Statement Prepare common-size income statements by using Year 1 as the base period. (Note: Enter all amounts as positive numbers, except for a net loss. Enter net loss as a negative number, if applicable. Round answers to the nearest whole percentage. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries.) Scherer Company Common-Size Income Statements Years of Operation Year 1 Year 1 Year 2 Year 2 Year 3 Year 3 Dollars Percentage Dollars Percentage Dollars Percentage (Label) Instructions Scherer Company provided the following income statements for its first 3 years of operation: Scherer Company Income Statements Years of Operation Year 1 Year 2 Year 3 Net sales $1,090,000.00 $1,155,400.00 $1,406,100.00 Less: Cost of goods sold (299,000.00) (308,000.00) (369,000.00) 4 Gross margin $791,000.00 $847,400.00 $1,037,100.00 Less: Operating expenses (431,000.00) (488,000.00) (589,500.00) Income taxes (108,800.00) (124,600.00) (135,400.00) 8 Net income $251,200.00 $234,800.00 $312,200.00 Required: Prepare common-size income statements by using Year 1 as the base period