The following percentages apply to Solomon Company for 2018 and 2019: 2019 100.0% 61.1 38.9 2018 100.0% 63.8 36.2 26.4 20.5 Sales Cost of goods sold Gross margin Selling and administrative expense Interest expense Total expenses Income before taxes Income tax expense Net income 29.1 2.0 22.5 13.7 7.0 6.7% 5.6 4.2% Required Assuming that sales were $500,000 in 2018 and $580,000 in 2019, prepare income statements for the two years. 2018 0 SOLOMON COMPANY Income Statements 2019 Sales Cost of goods sold Gross margin Selling and administrative expenses Interest expense Total expenses Income before taxes Income tax expense Net income $ 0 $