Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $403,000 $339,000 Cost of goods sold 217,620 159,330 Selling expenses 72,540 71,190 Administrative expenses 80,600 64,410 Income tax expense 12,090 16,950 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 $403,000 $339,000 Cost of goods sold 217,620 159,330 71.190 Selling expenses Administrative expenses 72,540 80,600 Income tax expense 12.09