Common-size statement analysis A common-size income statement for Creek Enterprises' 2018 operations follows Using the firm's 2019 income statement develop the 2019 common-size income statement and compare it to the 2018statement. Which areas require further analysis and investigation? Complete the common-size income statement for the year ending December 31, 2019 and compare it to the common-size income statement for the year ending December 2018: (Round to one decimal place.) Creek Enterprises Common-Size Income Statement for the Years Ended December 31, 2018 and December 2019 2019 2018 % 100.0 % 66.0 % 34.0 % % 12.3 % Sales revenue Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense General and administrative expenses Lease expense Depreciation expense Total operating expense Operating profits Less: Interest expense 6.4 0.6 3.5 22.8 % 11.2 % 1.4 Sales revenue % 100.0 % 66.0 % 34.0 % % 12.3 % 6.4 0.6 3.5 Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense General and administrative expenses Lease expense Depreciation expense Total operating expense Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate = 40%) Net profits after taxes Less: Preferred stock dividends Earnings available for common stockholders 22.8 11.2 % 1.4 % 9.8 % 3.9 % 5.9 % 0.2 % 5.7 % Enter any number in the edit fields and then click Check Answer. 100.0 % 66.0 34.0 % Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($34,959,000) Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense 12.3 % General and administrative expenses 6.4 Lease expense 0.6 Depreciation expense 3.5 Total operating expense Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate = 40%) Net profits after taxes Less: Preferred stock dividends Earnings available for common stockholders 22.8 11.2 % 1.4 9.8 % 3.9 5.9 % 0.2 5.7 % Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue $30,001,000 Less: Cost of goods sold 20,985,000 Gross profits $9,016,000 Less: Operating expenses Selling expense $2,990,000 General and administrative expenses 1,821,000 Lease expense 231,000 Depreciation expense 1,005,000 Total operating expense 6,047,000 Operating profits $2,969,000 Less: Interest expense 985,000 Net profits before taxes $1,984,000 Less: Taxes (rate = 40%) 793,600 Net profits after taxes $1,190,400 Less: Preferred stock dividends 111,000 Earnings available for common stockholders $1,079,400