Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $535,000 $471,000 Cost of goods sold 310,300 240,210 Selling expenses 90,950 94,200 Administrative expenses 96,300 80,070 Income tax expense 16,050 23,550 Question Content Area 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 $535,000 fill in the blank 6d334afb9fcd014_1 % $471,000 fill in the blank 6d334afb9fcd014_2 % Cost of goods sold 310,300 fill in the blank 6d334afb9fcd014_3 % 240,210 fill in the blank 6d334afb9fcd014_4 % $- Select - - Select - % $- Select - - Select - % Selling expenses 90,950 fill in the blank 6d334afb9fcd014_10 % 94,200 fill in the blank 6d334afb9fcd014_11 % Administrative expenses 96,300 fill in the blank 6d334afb9fcd014_12 % 80,070 fill in the blank 6d334afb9fcd014_13 % $- Select - - Select - % $- Select - - Select - % - Select - - Select - % - Select - - Select - % Income tax expense 16,050 fill in the blank 6d334afb9fcd014_24 % 23,550 fill in the blank 6d334afb9fcd014_25 % $- Select - - Select - % $- Select - - Select - % Question Content Area b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 7 percentage points, while selling expenses by 3 percentage points, and administrative expenses by 1 percentage points. Thus, net income as a percent of sales