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Question 3 Use the following data to prepare a common-size comparative income statement for Old Mill Corporation on December 31, 2016. Round percentages to one-tenth

Question 3

Use the following data to prepare a common-size comparative income statement for Old Mill Corporation on December 31, 2016. Round percentages to one-tenth percent.

2016

2015

Net sales

$1,510,000

$1,350,000

Expenses:

Cost of goods sold

$980,000

$860,000

Selling and general expenses

290,000

230,000

Interest expense

59,000

59,000

Income tax expense

71,000

53,000

Total expenses

$1,400,000

$1,202,000

Net income

$110,000

$148,000

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