The vertical analysis of the income statement of Settler, Inc. is as shown below: Settler, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 2019 Percent of Total 2018 Percent of Total (In millions) Net Sales 100.0% $4,920 100.0% $6,355 3,370 Cost of Goods Sold 53.0 2.200 44.7 Gross Profit 2,985 47.0 2,720 55.3 675 10.6 580 11.8 410 6.5 425 8.6 Operating Expenses: Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Expense 1,085 17.1 1,005 20.4 1,900 29.9 1,715 34.9 (400) (6.3) ( 695) (14.1) (400). (6.3). (695) (14.1). Total Other Income and (Expenses) Income Before Income Taxes 1,500 23.6 20.7 1,020 210 Income Tax Expense 230 3.6 4.3 Net Income $1,270 20.0% $810 16.5% The 20% shown for net income in 2019 signifies that net income A. is 20% of gross profit B. equals 20 times of the income before income tax c. increased by 20% over the previous year D. is 20% of net sales revenues