Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $556.000 $495,000 Cost of goods sold 300,240 232,650 Selling expenses 100,080 103,950 Administrative expenses 111.200 94,050 Income tax expense 16.680 24.750 a. Prepare an income statement in comparative form, stating each item for both vears as a percent f sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. vation Quarter Inc ement For the Years Ended December 31 Previous year Amount Previous year Percent Current year Amount Current vear Percent Sales $556,000 $495,000 300.240 232.650 Cost of goods sold el Selling expenses 100,080 103,950 111.200 94.050 Administrative expenses 16,680 24.750 Income tax expense st of goods sold as ane points. by 7 percentage points, while selling expenses by 3 percentage points, and administrative expenses by 1 percentage cates that points. Thus, net as a per