Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $498,000 $433,000 Cost of goods sold 288,840 229,490 Selling expenses 84,660 82,270 Administrative expenses 89,640 73,610 Income tax expense 14,940 17,320 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 For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent Sales $498,000 0% $433,000 % Cost of goods sold 288,840 % 229,490 % % % Selling expenses 84,660 % 82,270 % Administrative expenses 89,640 % 73,610 % % % % % Income tax expense 14,940 % 17,320 % 0% %