Prepare the common-size income statement, please see attached, thanks!

Compare the company's profit performance and financial position with the average for the industry. Income statement compared with industry average: 1. Prepare a commonsize income statement and balance sheet for Paul Smith's Store: Industry Paul Smith's Net sales Average $1,000,000 100.0 % Cost of goods sold 680,000 57.3 Gross profit 320,000 42.7 Operating expenses 250,000 29.4 Operating income 70,000 13.3 Other expenses 20,000 2.5 Net income $50,000 10.8% O'Hagan Products, Inc. Balance Sheet Compared with Industry Average December 31, 2012 Industry O'Hagan Average Current assets $236,000 72.1 % Fixed assets, net 87,320 19.0 Intangible assets, net 12,800 4.8 Other assets 63,880 4.1 $400,000 100.0 % Total Current liabilities $190,000 47.2 % Longterm liabilities 86,000 21.0 Stockholders' equity 124,000 31.8 $400,000 100.0 % Total