Kent Company and Louanna Corporation are competitors. (Click the icon to view the income statements.) Compare the two companies by converting their condensed income statements to common-size statements. Which company earned more net income? Whi- net income was a higher percentage of its net sales? Explain your answer. Begin by converting the condensed income statements to common size. (Round your answers to the nearest one-tenth of a percent, X.X%.) (In millions) Kent Louanna Amount Percent Amount Percent Net sales $ 16,500 $ 6,500 % % 9,834 % 4,316 % Cost of goods sold Selling and administrative expenses 4,587 % 1,313 % 99 % 13 % Interest expense Other expenses % % 66 726 26 169 Income tax expense % % $ 1,188 $ 663 Net income % % Annar