Prepare a comparative common-se income statement for McCormick Corporation To an investor, how does the current year compare with the prior year? Explain your reasoning click the icon to view the comparative income statement McCormick Corporation Comparative Common-Size Income Statement For the Years Ended December 31 Current year Prior year Sales revenues 100.00 100.00% Less: Cost of goods sold % Gross profit % Less: Operating expenses Operating income % Less: Interest expense 96 Income before income taxes Loss Income tax expense Net Income Now you are ready to compare the two years An investor would be with the current year in comparison with the prior year. Net sales and net income are both significantly from the prior year. Cost of goods sold and operating expenses the two largest expenses consumed percentages of total revenues in the current year, and net income represents a percentage of revenues Overall, profits are Jitt Data table A B 1 McCormick Corporation Income Statement N 3 For the Years Ended December 31 4 (amounts in thousands) Current 5 year Prior year 6 Sales revenues $ 482,000 $ 420,000 7 Less: Cost of goods sold 227,220 210,000 8 Gross profit $ 254,780 $ 210,000 9 Less: Operating expenses 95,250 90,050 10 Operating income $ 159,530 $ 119,950 11 Less: Interest expense 6,460 6,020 12 Income before income taxes $ 153,070 $ 113,930 13 Less: Income tax expense 14,225 8,990 $ 14 Net income 104,940 138,845 $ lar