Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense $496,000 302,560 79,360 79,360 14,880 $441,000 246,960 79,380 66,150 17,640 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 $441,000 246,960 Sales $496,000 Cost of goods sold 302,560 Selling expenses 79,360 79,380 Administrative expenses _79,360 66,150 Income tax expense 14,880 17,640 b. The vertical analysis indicates that the cost of goods sold as a percent of sales while selling expenses points. Thus, net income as a percent of sales by 5 percentage points, by 2 percentage points, and administrative expenses by 1 percentage by 3 percentage points