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 Industry Average 100 % Tannenhill Company Sales Cost of goods sold Gross profit Selling expenses Administrative expenses $1,310,000 890,800 $419,200 $248,900 91,700 Total operating expenses $340,600 $78,600 26,200 $104,800 13,100 $91,700 39,300 $52,400 71 29 % 16% 7 23 % Operating income 6% Other income 8% Other expense Income before income tax Income tax expense 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 7% 4 3% Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Company Amount Tannenhill Company Percent Electronics Industry Average 100.0% Sales Cost of goods sold Gross profit Selling expenses Administrative expenses 91,700 Total operating expenses $340,600 Operating income Other income $1,310,000 890,800 $419,200 $248,900 20% 16% 7% 23% 5% 2% 8% 1% 7% 4% 3% $78,600 26,200 $104,800 13,100 Other expense Income before income tax $91,700 Income tax expense Net income 39,300 $52,400