Exercise 14-4 Operating data for Joshua Corporation are presented below. 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2020 $749,000 468,125 118,342 56,924 38,199 67,410 $605,000 393,250 70,180 53,240 26,015 62,315 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.) JOSHUA CORPORATION Condensed Income Statements For the Years Ended December 31 2020 2019 Percent Amount Pe Percent Amount Sales revenue $749,000 $605,000 Cost of goods sold 468,125 393,250 Gross profit 280,875 211,750 Selling expenses 118,342 70,180 Administrative expenses 56,924 53,240 Total operating expenses 175,266 123,420 Income before income taxes 105,609 88,330 Income taxes expense 38,199 26,015 Net income $67,410 ex $62,315