Dr. Gupta Diagnostics' income statement for 20XX is as follows: Sales $2,800,000 Cost of goods sold 1,780,000 Gross profit 1,020,000 Selling and administrative expense 315,000 Operating profit 705,000 Interest expense Income before taxes Taxes (30%) Income after taxes 51,700 653,300 195,990 $457,310 a. Compute the profit margin in 20XX. (Round the final answer to 2 decimal places.) Profit margin b. Assume in 20XY sales increase by 10 percent and cost of goods sold increases by 20 percent. The firm is able to keep all other expenses the same. Once again, assume a tax rate of 30 percent. What are the income after taxes and profit margin in 20XY? (Round the profit margin to 2 decimal places.) Income after taxes: Profit margin 20XY