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The following comparative income statement (in thousands of dollars) for two recent years was adapted from the annual report of Speedway Motorsports, Inc. (TRK), owner
The following comparative income statement (in thousands of dollars) for two recent years was adapted from the annual report of Speedway Motorsports, Inc. (TRK), owner and operator of several major motor speedways, such as the Atlanta, Bristol, Charlotte, Texas, and Las Vegas Motor Speedways Year 2 Year 1 Revenues: $185,121 Admissions $186,531 Event-related revenue 182,106 202,556 NASCAR broadcasting revenue 190,377 159,795 61,536 75,978 Other operating revenue $603,000 Total revenue $641,000 Expenses and other: $97,686 Direct expense of events $98,714 NASCAR purse and sanction fees 110,893 98,892 Other direct expenses 147,430 131,454 General and administrative 81,407 74,772 Total expenses $438,444 $402,804 $200,196 $202,556 Income (loss) from continuing operations Note: "General & administrative expenses for the year 1 includes impairment of goodwill of $40,704 a. Prepare a comparative income statement for Years 1 and 2 in vertical form, stating each item as a percent of revenues. Round percentages to one decimal place. Enter all amounts as positive numbers. Speedway Motorsports, Inc Comparative Income Statement (in thousands of dollars) For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent Revenues: Admissions $186,531 $185,121 Event-related revenue 202,556 182,106 NASCAR broadcasting revenue 190,377 159,795 61,536 75,978 Other operating revenue $641,000 $603,000 Total revenue Expenses and other: $98,714 $97,686 Direct expense of events NASCAR purse and sanction fees 110,893 98,892 Other direct expenses 147,430 131,454 81,407 74,772 General and administrative $438,444 $402,804 Total expenses $202,556 $200,196 Operating income (loss) /6 96
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