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 $ 7,300,000 Cost of goods sold Gross margin Selling and administrative expenses: 4,690,000 2,610,000 Last Year $ 5,548,000 3,510,500 2,037,500 1,376,000 1,081,500 711,500 615,000 Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes 2,087,500 522,500 99,000 $ 423,500 1,696,500 341,000 89,000 $ 252,000 Members of the company's board of directors are surprised to see that net income increased by only $171,500 when sales increased by $1,752,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).)