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The comparative income statement of Norman Music Co. for the years ended December 31, 2018 and 2017 is as follows: Click the loon to view

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The comparative income statement of Norman Music Co. for the years ended December 31, 2018 and 2017 is as follows: Click the loon to view the comparative Income statement.) Requirement 1. Prepare a comparative common-size income statement for Norman Music Co. (Round your answers to one-hundredth of a percent, xxx%) Norman Music Co. Comparative Common-Size Income Statements Years Ended December 31, 2018 and 2017 2018 2017 * Data Thble % % % % Total revenue Expenses Cost of goods sold Selling and general expenses Interest expense Income tax expense % % % % % 2017 919,000 Total expenses Net Income % Norman Music Co. Comparative Income Statements Years Ended December 31, 2018 and 2017 2018 Total revenue $ 1,000,000 $ Expenses: Cost of goods sold $ 479.000 $ Selling and general expenses 289.000 Interest expense 24,500 106,800 Income tax expense 899.000 Total expenses $ 181,000 $ Net Income 400.450 260.000 14,500 86,850 761 800 157,200

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