Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Previous Year Current Year Sales $416,000 $366,000 Cost of merchandise sold 266,240 212,280 Selling expenses 58,240 62,220 Administrative expenses Income tax expense 54,900 14,640 66,560 8,320 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 Sales Cost of merchandise sold Selling expenses Administrative expenses Income tax expense For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent $416,000 % $366,000 % 266,240 % 212,280 % % % 58,240 % 62,220 % 66,560 % 54,900 % 0 00 % % % % 8,320 % 14,640 % % %