Exercise 14-1 (Static) 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 $ 8,000,000 Cost of goods sold 4,984,000 Last Year $6,000,000 3,516,000 Gross margin 3,016,000 2,484,000 Selling and administrative expenses: 1,480,000 1,092,000 Administrative expenses 712,000 618,000 2,192,000 1,710,000 824,000 96,000 774,000 84,000 $ 728,000 $690,000 Selling expenses Total expenses Net operating income Interest expense Net income before taxes. Members of the company's board of directors are surprised to see that net income increased by only $38,000 when sales increased by $2,000,000. 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).)