POUZDYS experiences and sales promocapaglagdude expedrerollado una is presented with the following condensed comparative income statement: FISHING EXPERIENCES INC! Comparative Income Statement For the Years Ended December 31, 2016 and 2045 2016 2045 Sales $1,200,000 $1,000,000 Cost of goods sold (624,000) (558,000) Gross profit $ 576,000 $ 442.000 Selling expenses (120,000) (75,000) Administrative expenses 150.000) (50,000) Total operating expenses $ (170,000 s (125.000) Operating income $ 406,000 5317 000 Other revenue 30,000 30.000 Income before income tax 5 436.000 $1347000 Income tax pense 100 000 190.000 Net indomie BE000 52521000 Instructions Related Danes erstellana achite relations Uimal place Fishing Experiences Inc. Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 Amount 2016 Percent 20Y5 Amount 2015 Percent $1,200,000 100 % $1,000,000 100 % Sales Cost of goods sold (624,000) -52 % (558,000) -55.80 % Gross profit $576,000 48 % $442,000 44.20 % Selling expenses $(120,000) -10 V% $(75,000) -7.50 % Administrative expenses (50,000) -4.17 X% (50,000) -5.00 % Total operating expenses $(170,000) -14.17 X % $(125,000) -12.50 % Operating income $406,000 33.83 X 96 $317,000 31.70 96 Other revenue 30,000 2.50 796 30,000 3.00 % Income before income tax $436,000 36.33 X 96 $347.000 34.70 96 Income tax expense (100,000 -8.33 X 6 90.000) -9.00 96 Net income $336,000 28 V9 $257,000 25.70 % Near divide each income statement leert ble to determine the vertical analysis percentage