CP13-4 Vertical Analysis of an Income Statement [LO 13-3, LO 13-5] A condensed income statement for Interactive Arts and a partially completed vertical analysis follow. Required: 1. Complete the vertical analysis by computing each missing line item as a percentage of net revenues. TIP: In the prior year (2015), Cost of Goods Sold was 32 percent of Net Revenues, computed as ($1,423 - $4,515). (If the percentage is a loss, enter the amount with a negative sign in front of it. Round your answers to the nearest whole percent.) $ 2015 4,515 1,423 1,099 650 389 INTERACTIVE ARTS Income Statement (summarized) For the Year Ended March 31 (in millions of U.S. dollars) 2016 Net Revenues $ 4,361 100% Cost of Goods Sold 1,354 Research and Development Expense 990 Sales and Marketing Expense General and Administrative Expense 406 Income from Operations 820 Other Expenses Income before Income Tax 802 Income Tax Recovery (Expense) 280 Net Income $ 1,082 100% 32 791 18 927 (49) 878 (1) 19 % $