Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average Sales $2,450,000 100% Cost of merchandise sold 1,617,000 70 Gross profit $833,000 30 % Selling expenses $490,000 17 % Administrative expenses 196,000 7 Total operating expenses $686,000 24 % Income from operations $147,000 6% Other revenue and expense: Other revenue 49,000 2 Other expense (24,500) 1 Income before income tax expense $171,500 7% Income tax expense 73,500 S $90,000 2% Net income a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average Sales $2,450,000 100 % 100.0% Cost of merchandise sold 1,617,000 64 X % 70% Gross profit $833,000 36 X % 30% Selling expenses $490,000 22 X% 17% Administrative expenses 196,000 7% Total operating expenses $686,000 30 X% 24% Income from operations Other revenue and expense: $147,000 6 % 6% Other revenue 49,000 2% 2% Other expense Income before income tax (24,500) $171,500 7% 1 19 7% 73,500 . 5% Income tax expense Net income $98.000 29