EX 15-1 Vertical analysis of income statement Revenue and expense data for Gresham Inc. for two recent years are as follows: Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Current Year Previous Year $2,500,000 $2,350,000 1,500,000 1,292,500 300,000 376,000 375,000 305,500 150,000 141,000 OBJ. 1 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to one decimal place. b. Comment on the significant changes disclosed by the comparative income statement.