Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $571,000 $485,000 Cost of goods sold 308,340 232,800 Selling expenses 102,780 101,850 Administrative expenses 114,200 Income tax expense 17,130 92,150 24,250 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 Sales $571,000 100 % Cost of goods sold 308,340 96 Gross profit 262660 % 252,200 Previous year Amount Previous year Percent $485,000 100 % 232,800 % % Selling expenses 102,780 % 101,850 Administrative expenses 114,200 % 92,150 Total operating expenses 216,900 % 194,000 % Income from operations % 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 $571,000 100 % Cost of goods sold 308,340 % $485,000 232,800 100 % % Gross profit 262,660 % 252,200 % Selling expenses 102,780 % 101,850 % Administrative expenses 114,200 % 92,150 % Total operating expenses 216,900 194,000 V % Income from operations % % Income tax expense 17,130) % 24,250 % Net income % %