The following percentages apply to Fanning Company for 2018 and 2019: 2019 100.00 61.0 39.0 26.4 2.6 29.0 2018 100.00 63.9 36.1 20.6 Sales Cost of goods sold Gross margin Selling and administrative expense Interest expense Total expenses Income before taxes Income tax expense Net income 2.2 22. 4.58 Required Assuming that sales were $510,000 in 2018 and $590,000 in 2019, prepare income statements for the two years. 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