Prepare a comparative common-size income statement for McCormick Corporation. To an investor, how does 2017 compare with 2016? Explain your reasoning. E: (Click the icon to view the comparative income statement.) Start by calculating the percentages. (Round the percentages to two decimal places, X.XX.) McCormick Corporation Comparative Common-Size Income Statement For the Years Ended December 31, 2017 and 2016 2017 2016 Sales revenues 100.00 % 100.00 % 47.6 % % 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 % % 1 Data Table McCormick Corporation Income Statement For the Years Ended December 31, 2017 and 2016 (amounts in thousands) 2017 2016 Sales revenues $ 465,550 $ 221,810 404,000 205,000 Less: Cost of goods sold Gross profit $ 243,740 $ 199,000 102,055 Less: Operating expenses 107,775 Operating income $ 96,945 135,965 $ 11,546 Less: Interest expense 8,040 Income before income taxes $ 124,419 $ 18,902 88,905 13,980 Less: Income tax expense $ Net income 105,517 $ 74,925 Print Done