Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $753,000 469,872 115,209 63,252 29,367 75,300 $605,000 392,040 71,390 57,475 24,200 59,895 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 Amount Percent Amount Percent Sales revenue $753,000 $605,000 % Cost of goods sold 469,872 392,040 % Gross profit 283,128 % 212,960 % Selling expenses 115,209 71,390 % % Administrative expenses 63,252 57,475 % % Total operating expenses 178,461 128,865 % % Income before income taxes 104,667 % 84,095 % Income taxes expense 29,367 % 24,200 % Net income $75,300 $59,895 % %