Exercise 9-4 Operating data for Ayayai Corp. are presented below. 2017 2016 Sales revenue Cost of goods sold Selling expenses Administrative expenses $836,700 521,400 126,900 78,800 35,100 74,500 $650,500 409,700 75,800 51,500 25,600 87,900 Income tax expense Net income Prepare a schedule showing a vertical analysis for 2017 2016. (Round percentages to lecimal place, e.g. 12.1%.) AYAYAI CORP. Condensed Income Statement 2017 2016 Amount Percent Amount Percent Sales $836,700 % $650,500 % Cost of goods sold 521,400 % 409,700 % Gross profit 315,300 % 240,800 % Selling expenses 126,900 % 75,800 % Administrative expenses 78,800 % 51,500 % Total operating expenses 205,700 % 127,300 % Income before income taxes 109,600 % 113,500 % Income tax expense 35,100 % 25,600 % Net income $ 74,500 % $ 87,900 %