Current Year Previous Year Sales $590,000 $507,000 Cost of merchandise sold 312,700 238,290 Selling expenses 112,100 106,470 Administrative expenses Income tax expense 118,000 17,700 96,330 25,350 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 Sales Cost of merchandise sold $590,000 % $507,000 % 312,700 % 238,290 % % % Selling expenses 112,100 % 106,470 % Administrative expenses 118,000 % 96,330 % % % % % Income tax expense 17,700 % 25,350 % % %