The following income statement was prepared by Case Company for Year $2$:

$\backslash$table$[[$Sales$,$$$130,000],[$Cost of goods sold,$79,000],[,51,000],[$Selling and administrative expense,$33,500],[$Interest expense,$12,500],[$Total expenses,$46,000],[$Income before taxes,$5,000],[$Income tax expense,$1,600],[$Net income,$$3,400]]$

Required:

Perform vertical analysis for Case Company's Year $2$ income statement.

Note: Round your answers to two decimal places $($i$.$e$.22\mathrm{.}50\%).$

$\backslash$table$[[$Case Company,$],[$Income Statement,$],[$Sales$,100\mathrm{.}00,\%],[$Cost of goods sold,,$\%],[$Gross margin,,$\%],[$Selling and administrative expense,$\%,],[$Interest expense,$\%,],[$Total expenses,$\%,],[$Income before taxes,$\%,],[$Income tax expense,$\%,],[$Net income,$\%,]]$The following income statement was prepared by Case Company for Year $2$:

Sales $ $130,000$

Cost of goods sold $79,000$

Gross margin $51,000$

Selling and administrative expense $33,500$

Interest expense $12,500$

Total expenses $46,000$

Income before taxes $5,000$

Income tax expense $1,600$

Net income $ $3,400$

Required:

Perform vertical analysis for Case Company's Year $2$ income statement.