Common-size statement analysis A common-size income statement for Creek Enterprises' 2018 operations follows E Using the firm's 2019 income statements, 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.) 100.0 % 66.0 34.0 % Creek Enterprises Common-Size Income Statement for the Years Ended December 31, 2018 and December 2019 2019 2018 Sales revenue 100% Less: Cost of goods sold 70.25 Gross profits 29.75 % Less: Operating expenses Selling expense 12.6 % General and administrative expenses 6.2. Lease expense Depreciation expense Total operating expense Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate = 21%) Net profits after taxes 0.4 22.9 11.1 % 1.9 9.2 % 1.9 7.3% Less: Preferred stock dividends 0.2 Earnings available for common stockholders 7.1 % (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($35,032,000) 100.0 % Less: Cost of goods sold 66.0 Gross profits 34.0 % Less: Operating expenses Selling expense 12.6 % General and administrative expenses 6.2 Lease expense 0.4 Depreciation expense 3.7 Total operating expense 22.9 Operating profits 11.1 % Less: Interest expense 1.9 Net profits before taxes 9.2 % Less: Taxes (rate = 21% Net profits after taxes 7.3 % Less: Preferred stock dividends 0.2 Earnings available for common stockholders 7.1 % 1.9 (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue $29,952,000 Less: Cost of goods sold 21,041,000 Gross profits $8,911,000 Less: Operating expenses Selling expense $3,026,000 General and administrative expenses 1,778,000 Lease expense 218.000 Depreciation expense 1,017,000 Total operating expense 6,039.000 Operating profits $2,872,000 Less: Interest expense 972,000 Net profits before taxes $1,900,000 Less: Taxes (rate = 21%) 399,000 Net profits after taxes $1,501,000 Less: Preferred stock dividends 95,000 Earnings available for common stockholders $1,406,000