Those are Revenue and expense data for the Innovation Quarter for two recent years:

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 $513,000 % $462,000 % Cost of goods sold 271,890 \"/0 221,760 % Gross prot 1 $:] % 55:] % Selling expenses 97,470 % 97,020 % Administrative expenses 102,600 87,780 % Total operating expensa 1 $C] % Income from operations 1 C] Income tax expense 15,390 Net income 1 $:] a u\\ | M o a\\ o u\\ N 5" ,_. o o 0/0 "000000000 a t} "+5 Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Current Year $513,000 271,890 97,470 102,600 15,390 Previous Year $462,000 221,760 97,020 87,780 23,100