Instructions For 2072. Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50.000 for advertising. At the end of the year, Lumi Neer, the president, is presented with the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 2012 2011 2 Sales $940,000.00 $540,000.00 3 Cost of goods sold 338,400.00 205,200.00 $334,800.00 $601,600.00 $159,800.00 4 Gross profit s Selling expenses & Administrative expenses 7 7 Total operating expenses a Income from operations $81,000.00 37,800.00 47,000.00 $206,800.00 $118,800.00 $394,800.00 $216,000.00 9 Other income 75,200.00 43,200.00 10 Income before income tax $470,000.00 235,000.00 $259,200.00 135,000.00 15 Income tax expense 12 Net income $235,000.00 $124,200.00 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round your percentages to one decimal piace. Enter all amounts as positive numbers. Income Statement 1. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages to one decimal piace. Enter all amounts as positive numbers. Question not attempted. Score: 0/76 1 2011 2011 2 Amount Percent 3 Sales Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 2012 2012 Amount Percent $940,000.00 338,400.00 $601,600.00 $159,800.00 47,000.00 $206,800.00 $394,800.00 4 Cost of goods sold 5 Gross profit 6 Selling expenses 7 Administrative expenses Total operating expenses 9 Income from operations 10 Other income $540,000.00 205,200.00 $334,800.00 $81,000.00 37,800.00 $118,800.00 $216,000.00 43,200.00 $259,200.00 75,200.00 1Income before income tax $470,000.00 12 Income tax expense 235,000.00 155,000.00 13 Net income $255,000.00 $124,200.00