Exercise 16-1 (Algo) Common-Size Income Statement [LO16-1] A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement This Year Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes $ 7,320,000 4,710,000 2,610,000 1,375,000 708,500 Last Year $ 5,563,200 3,509,500 2,053,700 1,079,000 2,083,500 526,500 102,000 $ 424,500 612,000 1,691,000 362,700 88,000 $ 274,700 Members of the company's board of directors are surprised to see that net income increased by only $149,800 when sales increa by $1,756,800. 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 12 311