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a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent Sales $385,000 % $343,000 /o Cost of goods sold 227,150 181,790 Selling expenses 61,600 65,170 % Administrative expenses 69,300 58,310 % % 0/o % Income tax expense 11,550 13,720 $ /o b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 6 percentage points, while selling expenses by 3 percentage points, and administrative expenses by 1 percentage points. Thus, net income as a percent of sales by 3 percentage points