The following percentages apply to Thornton Company for Year 3 and Year 4: Year 4 Year 3 20 Sales 190. 8% Cost of goods sold 61.8 64.0 points Gross margin 39.0 36.8 Selling and administrative expense 26.5 20.5 Interest expense 2.5 2.0 Total expenses 29.0 22.5 Income before taxes 10.8 13.5 BBook Income tax expense 5.5 7.0 Net income 4. 52 6.5% Print Required Assuming that sales were $800,000 in Year 3 and $960,000 in Year 4, prepare income statements for the two years. References THORNTON COMPANY Income Statements Year 4 Year 3 Sales Cost of goods sold Gross margin Selling and administrative expenses Interest expense Total expenses Income before taxes Income tax expense Net income