The following is the comparative statement of income for Dynatech Corporation: DYNATECH CORPORATION Statement of Income Year Ended December 31 2022 Sales $ 592,000 Cost of goods sold 454,656 Gross profit 137,344 Operating expenses 76,960 Income before income tax 60,384 Income tax expense 5,920 Net income $ 54,464 2021 $ 515,000 447,020 67,980 46,865 21,115 4,120 $ 16,995 (b) Prepare a vertical analysis of the statement of income for each year. (Round answers to 1 decimal place, e.g. 5.2%.) DYNATECH CORPORATION Income Statement Year Ended December 31 2022 Percent 2021 Percent $ Net sales % % $592,000 $515,000 Cost of goods sold % 454,656 447,020 Gross profit % 137,344 67,980 % % 76,960 46,865 Operating expenses Income before income tax Income tax expense % 60,384 21,115 5,920 4,120 Net income % $54,464 $16.995 e Textbook and Media Save for Later Attempts: 0 of 3 used Submit