Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

	Current Year		Previous Year
Sales	$506,000		$445,000
Cost of goods sold	298,540		240,300
Selling expenses	80,960		80,100
Administrative expenses	91,080		75,650
Income tax expense	15,180		17,800

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	$506,000	%	$445,000	%
Cost of goods sold	298,540	%	240,300	%
Income from operations	$	%	$	%
Selling expenses	80,960	%	80,100	%
Administrative expenses	91,080	%	75,650	%
Net income	$	%	$	%
Income from operations		%		%
Income tax expense	15,180	%	17,800	%
Total operating expenses	$	%	$	%