Revenue and expense data for the current calendar year for Sorenson Electronics Company and for the electronics Industry are as follows. Sorenson Electronics Company data are expressed in dollars. The electronics Industry averages are expressed in percentages. Sorenson Electronics Company Electronics Industry Average Sales $1,030,000 100 % Cost of goods sold (566,500) (60) Gross profit $463,500 40 Selling expenses $(278,100) (17) % Administrative expenses (113,300 (17) Total operating expenses $(391,400) (34) Operating income $72,100 Other revenue and expense: Other revenue 4 20,600 (10,300) Other expense (3) Income before income tax $62,400 7 % Income tax expense (30,900) (3) Net income $51,500 a. Prepare a common-sized income statement comparing the results of operations for Sorenson Electronics Company with the industry average. If required, round percentages to one decimal place. Sorenson Electronics Company Common-Sized Income Statement Sales 09 Sorenson Electronics Sorenson Electronics Electronics Industry Company Amount Company Percent Average $1,030,000 100% (565,500) (60)% $463,500 % 40% Cost of Goods Sold Gross profit Selling Expenses 96 (17) ${278.100) (113.300) Administrative Expenses (17) ${391,400 Total operating expenses Operating Income Other revenue and expense: $72,100 96 6% Other revenue 20,600 Other expense (10,300) (3)% Income before income tax $82,400 7% Income tax expense (30,900) 5 Net Income $51.500 96 4%