Instructions:

Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

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. Income Statement: 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.

Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Current YearPrevious Year $3,000,000 1,644,000 456,000 360,000 150,000 $ 2,060,000 1,277,200 238,960 329,600 123,600