The following percentages apply to Walton Company for 2018 and 2019:

	2019				2018
Sales		100.0	%			100.0	%
Cost of goods sold		61.1				64.1
Gross margin		38.9				35.9
Selling and administrative expense		26.5				20.6
Interest expense		2.6				2.0
Total expenses		29.1				22.6
Income before taxes		9.8				13.3
Income tax expense		5.6				6.9
Net income		4.2	%			6.4	%

Required

Assuming that sales were $505,000 in 2018 and $600,000 in 2019, prepare income statements for the two years.