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 $2,230,000 100 % Cost of merchandise sold 1,516,400 74 Gross profit $713,600 26 Selling expenses $423,700 14 % Administrative expenses 156,100 6 Total operating expenses $579,800 20% Income from operations $133,800 6 Other revenue and expense: Other revenue 44,600 2 Other expense (22,300) 1 Income before income tax expense $156,100 7. Income tax expense 66,900 5 Net income $89,200 24 a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round LOOK ano non 2. 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 $2,230,000 100.0% Cost of merchandise sold 1,516,400 74% Gross pront $713,600 26% Selling expenses $423,700 14% Administrative expenses 156, 100 Total operating expenses 5579,800 2017 Income from operations $133,000 6% Other revenue and expense: Other revenue 44,600 24 Other expense (22,300) 19 Income before income tax $156,100 7 Income tax expense 66.900 5% +++ 66,900 % 5% Income tax expense $89,200 % 2% Net income b. The company is managing the cost of manufacturing product than the industry, and has slightly and administrative expenses relative to the industry. The combined impact causes net income as a percent of sales to be industry average selling than the