Cost of goods sold 296,460 234,220 Selling expenses 98,820 95,600 Administrative expenses 109,800 90,820 Income tax expense 16,470 23,900 a. Prepare an income statement in comparative fon'n, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Current year Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Percent Amount Sales $549,000 I3/0 Cost of goods sold 295,450 9'0 $ |3/0 Selling expenses 98,820 9'0 Administrative 109,800 % expenses $ W0 I3/0 Income tax expense 15:470 '3'" $ |3/0 Previous year Amount $478,000 234,220 $ 95,000 90,820 23,900 Previous year Percent % % % % % % % % %