Instructions Income Statement Shaded cell Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percent one decimal place. Enter all amounts as positive numbers. Current Year Previous Year Sales $ 2.920,000 $2.150,000 Cost of goods sold 1,769,520 1,182,500 Question not attempted. Selling expenses 332,880 322.500 Innovation Quarter Inc. Administrative expenses 449,680 279,500 Comparative Income Statement Income tax expense 169,360 116.100 For the Years Ended December 31 1 Current year Current year Previous year A. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimal place. Enter all amounts as positive numbers. B. Comment on the significant changes disclosed by the comparative income statement. Amount Percent Amount 3 Sales $2.920,000.00 $2.150,000.00 4 Cost of goods sold 1.769,520.00 1,182,500.00 5 Gross profit $1,150,480.00 $967,500.00 6 Selling expenses $332.880.00 $322,500.00 7 Administrative expenses 449,680.00 279,500.00 3 Total operating expenses $782,560.00 $602,000.00 9 Income from operations $367,920.00 $365,500.00 10 Income tax expense 169,360.00 116,100.00 11 Net income $198.560.00 $249,400.00