Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

	Current Year		Previous Year
Sales	$499,000		$424,000
Cost of merchandise sold	309,380		241,680
Selling expenses	74,850		72,080
Administrative expenses	84,830		67,840
Income tax expense	9,980		16,960

a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.

Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31

	Current year Amount	Current year Percent	Previous year Amount	Previous year Percent
Sales	$499,000	fill in the blank 83a59704500e003_1%	$424,000	fill in the blank 83a59704500e003_2%
Cost of merchandise sold	309,380	fill in the blank 83a59704500e003_3%	241,680	fill in the blank 83a59704500e003_4%
Gross profitIncome from operationsNet incomeTotal operating expensesGross profit	$Gross profit	Gross profit%	$Gross profit	Gross profit%
Selling expenses	74,850	fill in the blank 83a59704500e003_10%	72,080	fill in the blank 83a59704500e003_11%
Administrative expenses	84,830	fill in the blank 83a59704500e003_12%	67,840	fill in the blank 83a59704500e003_13%
Gross profitIncome from operationsNet incomeTotal operating expensesTotal operating expenses	$Total operating expenses	Total operating expenses%	$Total operating expenses	Total operating expenses%
Gross profitIncome from operationsNet incomeTotal operating expensesIncome from operations	Income from operations	Income from operations%	Income from operations	Income from operations%
Income tax expense	9,980	fill in the blank 83a59704500e003_24%	16,960	fill in the blank 83a59704500e003_25%
Gross profitIncome from operationsNet incomeTotal operating expensesNet income	$Net income	Net income%	$Net income	Net income%