Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average Sales $2,240,000 100 % Cost of merchandise sold 1,523,200 74 Gross profit $716,800 26% Selling expenses $425,600 14% Administrative expenses 156,800 6 Total operating expenses $582,400 20% Income from operations $134,400 6% Other revenue and expense: Other revenue 44,800 2 Other expense (22,400) Income before income tax expense $156,800 7% Income tax expense 67,200 Net income $89,600 2% a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average Sales $2,240,000 % 100.0% Cost of merchandise sold 1,523,200 74% Gross profit $716,800 26% Selling expenses $425,600 % 14% Administrative expenses 156,800 6% Total operating expenses $582,400 20%