Might have to CTRL + Scroll in to zoom

Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $482,000 $560,000 319,200 Cost of goods sold 245,820 95,200 Selling expenses Administrative expenses 106,400 16,800 96,400 81,940 24,100 Income tax expense a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent $560,000 $482,000 319,200 245,820 Sales Cost of goods sold Gross profit Selling expenses 95,200 96,400 106,400 81,940 Administrative expenses Total operating expenses s Income from operations Income tax expense 16,800 24,100 Net income