Current Year Previous Year Sales $474,000 $422,000 Cost of goods sold 251,220 198,340 Selling expenses 90,060 88,620 Administrative expenses 94,800 80,180 Income tax expense 14,220 21,100 a. Prepare an income statement in comparative form, 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. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent $474,000 100 % $422,000 100 % 251,220 53 % 198,340 47 % Sales Cost of goods sold Gross profit 222,780 47 % 223,660 53 % Selling expenses 90,060 19 % 88,620 21 % Administrative expenses 94,800 20 % 80,180 19 % Total operating expenses 184,860 39 % 168,800 40 % Income from operations 170,640 X % 147,700 % Income tax expense 14,220 % 21,100 % Net income $ % $ %