Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimal place. Enter all amounts as positive numbers.

1		Current year	Current year	Previous year	Previous year
2		Amount	Percent	Amount	Percent
3	Sales	$2,500,000.00		$2,350,000.00
4	Cost of goods sold	1,500,000.00		1,292,500.00
5	Gross profit	$1,000,000.00		$1,057,500.00
6	Selling expenses	300,000.00		376,000.00
7	Administrative expenses	375,000.00		305,500.00
8	Total operating expenses	$675,000.00		$681,500.00
9	Income from operations	325,000.00		376,000.00
10	Income tax expense	150,000.00		141,000.00
11	Net income	$175,000.00		$235,000.00