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

1		Current Year	Previous Year
2	Revenues:
3	Admissions	$104,500.00	$116,640.00
4	Event-related revenue	143,925.00	140,940.00
5	NASCAR broadcasting revenue	171,000.00	160,380.00
6	Other operating revenue	55,575.00	68,040.00
7	Total revenue	$475,000.00	$486,000.00
8	Expenses and other:
9	Direct expense of events	$90,250.00	$94,770.00
10	NASCAR purse and sanction fees	115,425.00	119,070.00
11	Other direct expenses	21,850.00	16,038.00
12	General and administrative	199,975.00	236,682.00
13	Total expenses and other	$427,500.00	$466,560.00
14	Income from continuing operations	$47,500.00	$19,440.00

	Required:
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. Rounding instructions
B.	Comment on the significant changes.

Speedway Motorsports, Inc.

Comparative Income Statement (in thousands of dollars)

For the Years Ended December 31, 20-- and 20--

1		Current Year	Current Year	Previous Year	Previous Year
2		Amount	Percent	Amount	Percent
3	Revenues:
4	Admissions	$104,500.00		$116,640.00
5	Event-related revenue	143,925.00		140,940.00
6	NASCAR broadcasting revenue	171,000.00		160,380.00
7	Other operating revenue	55,575.00		68,040.00
8	Total revenue	$475,000.00	100.0%	$486,000.00	100.0%
9	Expenses and other:
10	Direct expense of events	$90,250.00		$94,770.00
11	NASCAR purse and sanction fees	115,425.00		119,070.00
12	Other direct expenses	21,850.00		16,038.00
13	General and administrative	199,975.00		236,682.00
14	Total expenses and other	$427,500.00		$466,560.00
15	Income from continuing operations	$47,500.00		$19,440.00

Points:

8.13 / 20

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