Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $510,000 $454,000 Cost of merchandise sold 321,300 254,240 Selling expenses 76,500 81,720 Administrative expenses Income tax expense 81,600 10,200 68,100 18,160 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, roun 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 Per Sales $510,000 100 % $454,000 100 % Cost of merchandise sold 321,300 63 % 254,240 56 % Gross profit 188,700 37 % 199,760 44 % Selling expenses 76,500 15 % 81,720 18 % Administrative expenses 81,600 16 % 68,100 15 % Total operating expenses 158,100 31 % 149,820 33 % Income from operations 30,600 6 % 49,940 11 % Income tax expense 10,200 2 % 18,160 4 % Net income 10,200 X 2 X % 131,660 X 29 29 X %