Income statements for Thornton Company for 2018 and 2019 follow: THORNTON COMPANY Income Statements 2019 Sales $200,500 Cost of goods sold 142,600 Selling expenses 21,800 Administrative expenses 12,300 Interest expense 3,500 Total expenses $180, 200 Income before taxes 20,300 Income taxes expense 6,600 Net income $ 13,700 2018 $180,500 120,600 19,800 14,300 5,500 $ 160,200 20,300 4,000 $ 16,300 b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year. Complete this question by entering your answers in the tabs below. Required A Required B Perform a vertical analysis, showing each income statement component as a percentage of sales for each year. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) THORNTON COMPANY Vertical Analysis of Income Statements Percentage of Percentage of Sales 2019 Sales 2018 Sales 100.0 % 100.0 % Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income %