Prepare a comparative common-size income statement for Enchanted 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.) Start by calculating the percentages. (Round the percentages to two decimal places, X.XX.) Enchanted 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 % % Income before income taxes % % Less: Income tax expense % % Net income % % Now you are ready to compare the two years. Data table 4 5 6 Sales revenues 7 Less: Cost of goods sold (amounts in thousands) Current year Prior year $ 460,000 $400,000 216,200 200,000 8 Gross profit 9 Less: Operating expenses 10 Operating income $ 243,800 $ 200,000 105,800 100,000 $ 138,000 $ 100,000 11 Less: Interest expense 9,525 6,000 12 Income before income taxes 13 Less: Income tax expense 14 Net income $ 128,475 $ 94,000 18,095 14,000 110,380 $ 80,000 Print Done An investor would be net income represents a with the current year in comparison with the prior year. Net sales and net income are both percentage of revenues. Overall, profits are 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