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	$116,034.00	$130,239.00
4	Event-related revenue	151,562.00	163,621.00
5	NASCAR broadcasting revenue	192,662.00	185,394.00
6	Other operating revenue	29,902.00	26,951.00
7	Total revenue	$490,160.00	$506,205.00
8	Expenses and other:
9	Direct expense of events	$101,402.00	$106,204.00
10	NASCAR purse and sanction fees	122,950.00	120,146.00
11	Other direct expenses	18,908.00	20,352.00
12	General and administrative	183,215.00	241,223.00
13	Total expenses and other	$426,475.00	$487,925.00
14	Income from continuing operations	$63,685.00	$18,280.00

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.

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

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	$116,034.00		$130,239.00
5	Event-related revenue	151,562.00		163,621.00
6	NASCAR broadcasting revenue	192,662.00		185,394.00
7	Other operating revenue	29,902.00		26,951.00
8	Total revenue	$490,160.00	100.0%	$506,205.00	100.0%
9	Expenses and other:
10	Direct expense of events	$101,402.00		$106,204.00
11	NASCAR purse and sanction fees	122,950.00		120,146.00
12	Other direct expenses	18,908.00		20,352.00
13	General and administrative	183,215.00		241,223.00
14	Total expenses and other	$426,475.00		$487,925.00
15	Income from continuing operations	$63,685.00		$18,280.00	Comment on the significant changes. While overall revenue some between the two years, the overall mix of revenue sources did change somewhat. The NASCAR broadcasting revenue as a percent of total revenue by almost 3 percentage points, while the percent of admissions revenue to total revenue by 2 percentage points. Overall, it appears that income from continuing operations has significantly improved because of