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Common-size statement analysis A common-size income statement for Creek Enterprises' 2018 operations follows B. Using the firm's 2019 income statement B, develop the 2019 common-size income statement and compare it to the 2018statement. Which areas require further analysis and investigation? Complete the common-size income statement for the year ending December 31, 2019 and compare it to the common-size income statement for the year ending December 2018: (Round one decimal place.) Data Table X i Data Table Creek Enterprises Common-Size Income Statement for the Years Ended December 31, 2018 and December 2019 2019 - X 2018 % 100.0 % 66.0 (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) % 34.0 % % 12.6 % 6.3 0.6 Sales revenue Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense General and administrative expenses Lease expense Depreciation expense Total operating expense Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate = 21%) Net profits after taxes Less: Preferred stock dividends Earnings available for common stockholders 3.8 (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue $30,010,000 Less: Cost of goods sold 20,974,000 Gross profits $9,036,000 Less: Operating expenses Selling expense $3,029,000 General and administrative expenses 1,832,000 Lease expense 225,000 Depreciation expense 1,029,000 Total operating expense 6,115,000 Operating profits $2,921,000 Less: Interest expense 971,000 Net profits before taxes $1,950,000 Less: Taxes (rate = 21%) 409,500 Net profits after taxes $1,540,500 Less: Preferred stock dividends 92.000 Earnings available for common stockholders $1,448,500 Creek Enterprises Income Statement for the Year Ended December 31, 2018 D Sales revenue ($35,045,000) 100.0 % Less: Cost of goods sold 66.0 Gross profits 34.0 % Less: Operating expenses Selling expense 12.6 % General and administrative expenses 6.3 Lease expense 0.6 Depreciation expense 3.8 Total operating expense 23.3 Operating profits 10.7 % Less: Interest expense 1.5 Net profits before taxes 9.2 % Less: Taxes (rate = 21%) 1.9 Net profits after taxes 7.3 % Less: Preferred stock dividends 0.2 Earnings available for common stockholders 7.1 % 23.3 % 10.7 % 1.5 % 9.2 % 1.9 % 7.3 % 0.2 Print Done % 7.1 % Print Done