Instructions Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $ 2,060,000 $3,000,000 1,277,200 1,644,000 238,960 456,000 Cost of goods sold Selling expenses Administrative expenses Income tax expense 329,600 360,000 123,600 150,000 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. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Current year Previous year Previous year Amount Percent Percent 3 Sales $2,060,000.00 1,277,200.00 $782,800.00 Amount $3,000,000.00 1,644,000.00 $1,356,000.00 $238,960,00 $456,000.00 Cost of goods sold 5 Gross profit 6 Selling expenses 7 Administrative expenses Total operating expenses Income from operations 10 Income tax expense 329,600.00 360,000.00 $568,560.00 $816,000.00 $214,240,00 $540,000.00 123,600.00 150,000.00 $90,640.00 $390,000.00 11 Net Income