Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $519,000 $441,000 Cost of merchandise sold 332,160 260,190 Selling expenses 72,660 70,560 Administrative expenses Income tax expense 83,040 10,380 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 Sales Cost of merchandise sold $519,000 % $441,000 % 332,160 % 260,190 % % % Selling expenses 72,660 % 70,560 % Administrative expenses 83,040 % 66,150 % % % % % Income tax expense 10,380 % 17,640 % % % b. The vertical analysis indicates that the cost of merchandise sold as a percent of sales by 1 percentage points. Thus, net income as a percent of sales by 5 percentage points, while selling expenses by 2 percentage points. by 2 percentage points, and administrative expenses