Text Tech's income statements (condensed) for two years are shown below: December 31 2017 2016 Gross sales $549,000 $540,000 Sales returns 12,000 5,000 Net sales 537,000 535,000 Cost of goods sold 330,000 220,000 Gross profit 207,000 315,000 Expenses Selling 137,000 125,000 Administrative (including income tax) 69,000 71,600 Interest 1,400 6,000 Net income before discontinued operations (400) 112,400 Gain (loss) from discontinued operations, net of tax 11,600 11,200 Net income $11,200 $123,600 Prepare vertical percentage analysis of the income statement. Round to the nearest hundredth of a percent. Text Tech Comparative Income Statement For the Years Ended December 31, 2016 and 2017 (Vertical Percentage Analysis) 2017 2016 Amount Percent Amount Percent Gross sales $549,000 $540,000 Sales returns 12,000 5,000 Net sales 537,000 535,000 Cost of goods sold 330,000 220,000 Gross profit 207,000 315,000 Expenses Selling 137,000 125,000 Administrative (including income tax). 69,000 71,600 Interest 1,400 6,000 Net income before discontinued operations (400) 112,400 Gain (loss) from discontinued operations, net of tax 11,600 11,200 Net income $11.200 $123,600