Revenue and expense data for Innovation Quarter Inc. for two recent years are as fol 78,800 56,980 Current Year Previous Year Sales $448,000 Cost of goods sold 255,360 Selling expenses 76,160 Administrative expenses 85,120 Income tax expense 13,440 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 Pero $448,000 $394,000 Cost of goods sold 255,360 200,940 $ Sales Selling expenses 76,160 78,800 Administrative expenses 85,120 Income tax expense 13,440 19,700 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 $448,000 Sales Cost of goods sold 255,360 $394,000 200,940 Selling expenses 76,160 78.800 Administrative expenses 85,120 66,980 Income tax expense 13,440 b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 6 percentage points, while selling expenses by 3 percentage points, and administrative expenses by 2 percentage points. Thus, net income as a percent of sales percentage points by 3