Exercise 14-1 (Algo) Common-Size Income Statement [LO14-1] A comparative income statement is given below for McKenzie Sales, Limited, of Toronto McKenzie Sales, Limited Comparative Income Statement This Year Sales $7,380,000 Last Year $5,608,800 Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Total expenses Net operating Income Administrative expenses 4,780,000 2,600,000 1,397,000 705,500 3,514,000 Interest expense Net income before taxes 2,094,800 1,081,500 613,000 2,102,500 1,694,500 497,500 400,300 102,000 $395,500 85,000 $315,300 Members of the company's board of directors are surprised to see that net income increased by only $80,200 when sales increased by $1,771,200 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (ie., 0.1234 should be entered as 12.3).)