Question 2 Operating data for Blue Spruce Corp. are presented below 2017 2016 $822,500 643,500 528,300 414,600 124,000 79,000 Administrative expenses74,700 53,000 38,700 27,900 56,800 69,000 Sales revenue Cost of goods sold Selling expenses Income tax expense Net income Prepare a schedule showing a vertical analysis for 2017 and 2016, (Round percentages to 1 decimal place, eg. 12.1%) BLUE SPRUCE CORP 2017 2016 Amount $822,500 528,300 294,200 124,000 74,700 198,700 Income before income taxes 95,500 38,700 $ 56,800 Percent Amount % $643,500 % 414,600 % 228,900 % 79,000 % 53,000 % 132,000 % 96,900 % 27,900 % $69,000 Percent Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income tax expense Net income