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 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 (Note: Due to rounding, amounts may not total 100%). 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 (Note: Due to rounding, amounts may not total 100%). Score: 0/64 Speedway Motorsports, Inc. Comparative Income Statement (in thousands of dollars) For the Years Ended December 31 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 Points: 0 / 20 Check My Work For each year, show each item as a percentage of total revenues. Comment on the significant changes. While overall revenue decreased Correct some between the two years, the overall mix of revenue sources did change somewhat. The NASCAR broadcasting revenue increased Correct as a percent of total revenue by almost 2.6 percentage points, while the percent of admissions revenue to total revenue decreased Correct by 2 percentage points. Overall, it appears that income from continuing operations has significantly improved because of aggressive cost cutting Correct