Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

	Current Year		Previous Year
Sales	$434,000		$395,000
Cost of goods sold	234,360		181,700
Selling expenses	78,120		86,900
Administrative expenses	86,800		75,050
Income tax expense	13,020		19,750

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	$434,000		$395,000
Cost of goods sold	234,360		181,700
Gross profit
Selling expenses	78,120		86,900
Administrative expenses	86,800		75,050
Total operating expenses
Income from operations
Income tax expense	13,020		19,750
Net income