Contact Company and Jakes Corporation are competitors. (Click the icon to view the income statements. Compare the two companies by converting their condensed income statements to common-size statements. Which company earned more net income? Which company's net income was a higher percentage of its net sales? Explain your answer. Begin by converting the condensed income statements to common size. (Round your answers to the nearest one-tenth of a percent, X.X%.) (In millions) Contact Jakes Percent Percent Amount $ 19,500 Amount $ 8,000 Net sales % % % Data Table % 11,466 5,304 5,312 1.616 % % Cost of goods sold Selling and administrative expenses Interest expense Other expenses % 48 % 156 137 % % 16 288 Contact $ 19,500 $ Jakes 8.000 741 Income tax expense % % (In millions) Net sales Cost of goods sold Selling and administrative expenses $ 1,696 $ 720 11,466 5,312 Net income % % 5,304 1,616 Interest expense 156 48 Other expenses 137 741 16 288 Income tax expense $ 1,696 $ 720 Net income Print Done