The following percentages apply to Thornton Company for 2018 and 2019: points 2018 100.0% 63.9 36.1 20.3 Skipped Sales Cost of goods sold Gross margin Selling and administrative expense Interest expense Total expenses Income before taxes Income tax expense Net income 2019 100.0% 60. 9 39.1 26.4 2.4 28.8 10.3 5.5 4.8% 22.1 14.0 6.8 7.2% eBook Print Required Assuming that sales were $505,000 in 2018 and $585,000 in 2019, prepare income statements for the two years. References 2018 THORNTON 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