Figure 16-6 London Company provided the following income statements for its first three years of operation: Year 1 Year 2 Year 3 Net sales 975,0001,150,000 1,280,000 (676,000) (910,000) (945,000) 240,000335,000 Less: cost of goods sold Gross margin 299,000 Less: Operating expenses (185,000) (45,600) 68,400 (215,000) (10,000) 15,000 (235,000) (40,000) 60,000 Income taxes Net income Problem 16-4 Refer to Figure 16-6. Prepare a vertical analysis by using net sales as the base. If required, round to the nearest whole percent