For the year ended december $31,$ year $2$

$($in thousands of dollars$)$

Sales $($all on account$)1590$

Cost of goods sold $1050$

Gross margin $570$

Selling and administration expenses $505$

Net operating income $65$

Interest expense $20$

Net income before tex$(30\%)45$

Income taxes$(30\%)14$

Net income $31$

Common$-$size the income statement. Round to $3$ decimals. $7$ marks

use sales as your base

Sales $($all on account$)$

Cost of goods sold

Gross margin

Selling and administration expenses

Net operating income

Interest expense

Net income before tex$(30\%)$

Income taxes$(30\%)$

Net income