Requ 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Enter percentages as whole numbers. Enter all amounts as positive numbers. Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y1 Amount 20Y2 20Y2 Amount Percent 20Y1 Percent Sales $608,000 % $523,000 % Cost of merchandise sold 297,920 % 287,650 % Gross profit $310,080 % $235,350 % Selling expenses $121,600 % $99,370 % Administrative expenses 66,880 % 67,990 % Total operating expenses $188,480 % $167,360 % Income from operations $121,600 % $67,990 % Other revenue 36,480 % 15,690 % Income before income tax expense $158,080 Income tax expense % $83,680 % 60,800 % 31,380 % $97,280 % $52,300 % Net income 2. The vertical analysis indicates that the costs other than selling expenses (cost of merchandise sold and administrative expenses) percentage of sales. As a result, net income as a percentage of sales While selling expenses as a percent of sales slightly, the as a The sales promotion campaign appears to have been cost was more than made up for by sales. Previous