Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Current Year $ 2,920,000 1,769,520 332,880 Previous Year $2,150,000 1,182,500 322,500 279,500 449,680 169,360 116,100 A. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimal place. Enter all amounts as positive numbers. B. Comment on the significant changes disclosed by the comparative income statement Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 1 Current year Amount $2,920,000.00 Current year Percent Previous year Percent 2 3 Sales Previous year Amount $2,150,000.00 1,182,500.00 $967,500.00 4 Cost of goods sold 1,769,520.00 5 Gross profit $1,150,480.00 $332,880.00 449,680.00 6 Selling expenses 7 Administrative expenses 8 Total operating expenses 9 Income from operations 10 Income tax expense $782,560.00 $367,920.00 $322,500.00 279,500.00 $602,000.00 $365,500.00 116,100.00 169,360.00 11 Net income $198,560.00 $249,400.00