Revenue and expense data for Innovation Quarter inc, for two recent years are as follows: a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Current year Previous year Previous year Amount Percent Amount Percent Sales $4,000,000 $3,600,000 cost of goods sold (2,280,000) Seling expenses $(600,000) Administrative expenses (520,000) Administrative expenises (s2o Income tax expense 4 Selling expenses Administrative expenses Income tax expense 600,000 520,000 240,000 648,000 360,000 216,000 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 b. The vertical analysis indicates that the cost of goods sold as a percent of sale by 3 percentage points, and administrative expenses C by 5 percentage points. by 5 percentage points, while seiling expenses by 3 percentage points. Thus, net income as a percent of sales