PROBLEM 1. Given the financial statement of Typical Business, Inc., answer the following questions: Typical Business, Inc. Income Statement For Year Ended December 31, 2020 Sales revenue Cost of goods sold expense Gross margin Selling, general, and administrative expenses Operating earnings Interest expense Earnings before income tax Income tax expense Net income $26,000,000 $14,300,000 $11,700,000 $8,700,000 $3,000,000 $400,000 $2,600,000 $910,000 $1,690,000 1. Do the vertical analysis for the year 2020. 2. Prior year vertical analysis shows a Total Sales of $25,000,000 and a Net Income of $1,800,000. Which period performs well in terms of generating sales revenue? Why? 3. Same as #2, which period shows a higher percentage on net income? Show your comparative analysis. 4. How much part of the Sales was spent for the cost of the merchandise sold? 5. How much part of the Sales was spent for operating expenses