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. Tannenhill Company Electronics Industry Average Sales $4,000,000 100.0 % Cost of goods sold 2,120,000 60.0 $1,880,000 40.0 % Gross profit Selling expenses 24.0 % Administrative expenses $1,080,000 640,000 $1,720,000 14.0 Total operating expenses 38.0 % 2.0 % Operating income $160,000 Other income 120,000 3.0 $280,000 80,000 Other expense Income before income tax $200,000 3.0 % Income tax expense 80,000 2.0 Net income $120,000 1.0 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. Ent all amounts as positive numbers. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Company Amount Tannenhill Company Percent $4,000,000 2,120,000 Electronics Industry Average 100% Sales Cost of goods sold 60% Gross profit $1,880,000 40% Selling expenses 24% 1,080,000 640,000 Administrative expenses Total operating expenses $1,720,000 Operating Income 160,000 120,000 Other Income 280,000 Other expense 80,000 Income before income tax $200,000 Income tax expense 80,000 Net Income $120,000