For 20Y6, Fishing Experiences Inc. initiated a sales promotion campaign that included the expenditure of an additional $45,000 for advertising. At the end of the year, Colt Schultz, the president, is presented with the following condensed comparative Income statement: FISHING EXPERIENCES INC. Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 2015 Sales $1,200,000 $1,000,000 Cost of goods sold (624,000) (558,000) Gross profit $ 576,000 $ 442,000 (120,000) (75,000) Selling expenses Administrative expenses (50,000) (50,000) $ (170,000) Total operating expenses 5 (125,000) $ 317,000 $ 406,000 Operating income 30,000 30,000 Other revenue $.436,000 5 347,000 Income before income tax (90,000) Income tax expense (100,000) $336,000 $ 257,000 Net income % 1. Prepare a comparative income statement for the two-year period, presenting a vertical analysis of each item in relationship to sales for each of the years. Round percentages to one decimal place. Fishing Experiences Inc. Comparative Income Statement For the Years Ended December 31, 2016 and 2045 2016 Amount 2046 Percent 2015 Amount 2015 Percent Sales $1,200,000 % $1,000,000 % Cost of goods sold (624,000) 96 (558,000) % Gross pront $576,000 $442,000 Selling expenses $(120,000) $(75,000) Administrative expenses (50,000) (50,000) Total operating expenses $(170,000) $(125,000) 96 $406,000 $317.000 Operating income % 30,000 30,000 Other revenue 96 $436,000 Income before income tax $347,000 96 (100,000) Income tax expense (90,000) 90 $336,000 $257,000 Net Income yo % R 96