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Exercise 14-1 (Algo) Common-Size Income Statement [LO14-1] A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: Members of the company's board

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Exercise 14-1 (Algo) Common-Size Income Statement [LO14-1] A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: Members of the company's board of directors are surprised to see that net income increased by only $237,200 when sales increased by $1,759,200 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 ).) Members of the company's board of directors are surprised to see that net income increased by only $237,200 when sales increased by $1,759,200 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place fi.e.4 0.1234 should be entered as 12.37 .)

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