Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $427,000 $380,000 Cost of goods sold 230,580 174,800 Selling expenses Administrative expenses 76,860 85,400 12,810 83,600 72,200 19,000 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. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent $427,000 100.0 % $380,000 100 % 230,580 61.0 X % 174,800 56.0 X % Sales Cost of goods sold Gross profit $ 657,580 X 39.0 X % $ 554,800 x 44.0 X Selling expenses 76,860 83,600 16.0 16.0 X % X % 18.0 15.0 x X % Administrative expenses 85,400 72,200 Total operating expenses $ 162,260 32.0 X % $ 155,800 33.0 Gross profit x 149,450 X 136,800 11.0 X Income tax expense 12,810 7.0 3.0 4.0 X % % X % 19,000 4.0 X % Net income $ 162,260 X $ 117,800 x 7.0 %