Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year $455,000 268,450 72,800 81,900 13,650 Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense 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. $414,000 219,420 78,660 70,380 16,560 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 $455,000 $414,000 Cot of goods sold 268.450 268,450 219,420 Selling expenses 72,800 78,660 0,380 Administrative expenses 81,900 16,560 Income tax expense13,650 b. The vertical analysis indicates that the cost of goods sold as a percent of sales administrative expenses by 6 percentage points, while selling expenses by 3 percentage points, and by 1 percentage points. Thus, net income as a percent of sales by 3 percentage points