McKnight Corporation Income Statement For the Years Ended December 31, 2017 and 2016 (amounts in thousands) 2016 2017 2015 Sales revenues Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Interest expense Income before income taxes Less: Income tax expense Net income $164,000 $ 180,080 80,000 $ 79,000 $ 100,080 15,000 85,080 11,500 73,580 62,325 11,255 85,000 36,000 43,000 $ 10,500 32,500 $ 15,936 16,564 $ $ Additional data Total assets Common stockholders' equity Preferred dividends Common shares outstanding during the year S 205,000 $193,000 $ 177,000 88,000 67,000 0 15,500 96,000 s 3,040 $ 16,905 3,040 $ 16,905 a. Calculate the gross profit percentage for 2016 and 2017 Identify the formula, then calculate the gross profit percentage. (Round the percentages to two decimal places, XXX%) Gross profit percentage 2017 2016 b. Calculate the operating income percentage for 2016 and 2017 Identify the formula, then calculate the operating income percentage (Round the percentages to two decimal places, XXX% Operating income percentage 2017 2016 mplve 8r deteriorate during 20172 c. Calculate the rate of return on net sales for 2016 and 2017 identify the formula, then calculate the rate of return on net sales (Round the percentages to two decimal places, XXX%) Return on net sales 2017 2016 d. Calculate the rate of return on total assets for 2016 and 2017 Identify the formula, then calculate the rate of return on total assets. (Round the percentages to two decimal places, X.XX%) Return on assets 2017 ( 2016 ( ) I e. Calculate the rate of return on common stockholders' equity for 2016 and 2017 Identify the formula, then calculate the common stockholders' equity (Round the percentages to two decimal places, XXX%) : Return on equity 2017 ( 2016 ( f. Calculate the earnings per share of common stock for 2016 and 2017, Identifty the formula, then calculate the earmings per r share (EPS) of common stock. (Round your answers to two decimal places ) EPS 2017 ( 2016 ( during 2017 The company's operating performance