FISHING EXPERIENCES INC. Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 Sales 2015 $879,000 $756,000 Cost of goods sold (421,920) (378,000) Gross profit $ 457,080 $ 378,000 Selling expenses (193,380) (151,200) Administrative expenses (79,110) (98,280) Total operating expenses $ (272,490) 5 (249,480) Operating income $ 184,590 $ 128,520 43,950 22,680 Other revenue $ 228,540 $ 151,200 Income before income tax (87,900) (60,480) Income tax expense $ 140,640 $ 90,720 Net income Instructions: rodnesenting a vertikal analysis of Fishing Experiences Inc. Comparative Income Statement For the Years Ended December 31, 2016 and 2045 20Y6 Amount 20Y6 Percent 2015 Amount 2015 Percent Sales $879,000 % $756,000 % Cost of goods sold (421,920) % (378,000) % Gross profit $457,080 % $378,000 % Selling expenses $(193,380) % % Administrative expenses $(151,200) (98,280) (79,110) % % Total operating expenses $(272,490) % $(249,480) % $184,590 Operating income % $128,520 9 % 43,950 22.680 % Other revenue 9% $151,200 9 $228,540 Income before income tax (87,900) % % (60,489) Income tax expense 590,720 96 $140,640 90 Net income 2. Based on the vertical analysis prepared in 1 which of the following statements is correct? Ymenses cost of goods sold and administrative expenses) improved as a