Maps Tises Halo SVE A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,555,600 3,513,000 2,042,600 Maantie Salon, itd. Comparative Income Statement This Year Sales $7,310,000 Cont of goods wold 4.670,000 Gross margin 2,640,000 Selling and administrative expenses Selling expenses 1,384,000 Administrative expenses 712,000 Total expenses 2.096,000 Net operating income 544,000 Interest expense 96,000 Net Income before taxes $ 448,000 1,074,000 610,000 1,684,000 358,600 87,000 $ 271, 600 Members of the company's board of directors are surprised to see that net income increased by only $176,400 when sales increased by $1.754,400 Required: 1. Express each year's income statement in common-size percentages, (Round your percentage answers to 1 decimal place (ie. 0.1234 should be entered as 12.3).) Sales Cost of goods sold Gross margin This Year % % 0.0 % Last Year % % 0.01% Prey 1 of 3 Next > ercises Interest expense not intens before tas 95.000 448.000 87.000 271,600 Members of the company's board of directors are surprised to see that net income increased by only $175,400 when sales incres by $1,754,400. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place 0.1234 should be entered as 12.3).) This Year Sales %! % Last Year % % 0.0 % *** 0.01% % % % % Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes 0.0 % 0.01% 0.01% % 0.01% % 0.01% 0.01%