The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Motor Speedways Inc., owner and operator of several major motor speedways.

1

Current Year

Previous Year

2

Revenues:

3

Admissions

$111,065.00

$123,753.00

4

Event-related revenue

138,225.00

149,100.00

5

NASCAR broadcasting revenue

175,570.00

165,004.00

6

Other operating revenue

60,140.00

59,143.00

7

Total revenues

$485,000.00

$497,000.00

8

Expenses and other:

9

Direct expense of events

$95,060.00

$96,915.00

10

NASCAR event management fees

119,310.00

121,268.00

11

Other direct operating expenses

23,765.00

26,341.00

12

General and administrative

188,665.00

232,596.00

13

Total expenses and other

$426,800.00

$477,120.00

14

Income from continuing operations

$58,200.00

$19,880.00

A.Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Enter all amounts as positive numbers. Percentage sign will appear automatically.Rounding instructionsB.Comment on the significant changes.