The following percentages apply to Fanning Company for 2018 and 2019: 2019 100.0% 2018 100.0 61.0 39.0 Sales Cost of goods sold Gross margin Selling and administrative expense Interest expense Total expenses Income before taxes Income tax expense Net income 6.4 Required Assuming that sales were $510,000 in 2018 and $590,000 in 2019, prepare income statements for the two years. OPPURCOME Slaterers for Answer is complete but not entirely correct. FANNING COMPANY Income Statements 2019 2018 Sales Cost of goods sold Gross margin Selling and administrative expenses Interest expense Total expenses Income before taxes Income tax expense Net income 510,000 311,100 198,900 134,640 13,260 147,900 51,000 28,050 $ 22,950 590,000 377,010 212,990 121,540 % 12,980 134,520 78,470 40,710 $ 37,760