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 $1,980,000 100 % Cost of goods sold 1,128,600 61 Gross profit $851,400 39% Selling expenses $534,600 23% Administrative expenses 198,000 10 Total operating expenses $732,600 33% Operating income $118,800 6 % Other income 39,600 2. $158,400 8 % Other expense 19,800 1 $138,600 Income before income tax 7 % 59,400 Income tax expense 3 $79,200 4 % 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 Electronics Industry Average Tannenhill Company Amount Tannenhill Company Percent $1,980,000 % Sales 100.0% % 1,128,600 61% Cost of goods sold % $851,400 Gross profit 39% Selling expenses $534,600 23% 198,000 10% Administrative expenses % $732,600 33% Total operating expenses Operating income $118,800 6% 39,600 2% Other income % $158,400 8% % 19,800 Other expense 1% Income before income tax $138,600 7% % 59,400 3% Income tax expense % $79,200 4% Net income