TIDUUUUUITO Revenue and expense data for Bluestem Company are as follows: Year 2 Year 1 $ 37,000 Administrative expenses Cost of goods sold 350,000 $ 20,000 320,000 32,000 700,000 Income tax 40,000 Sales 800,000 150,000 Selling expenses 110,000 Required: (a) Prepare a comparative income statement, with vertical analysis, stating each item for both years as a percent of sales. Round your percentages to one decimal place. Enter all amounts as positive numbers. Refer to the accounts and Amount Descriptions for correct wording of tekt entries. (b) Comment upon significant changes disclosed by the comparative income statement Accounts Administrative expenses Cost of goods sold Income tax Sales Selling expenses Amount Descriptions Gross profit Income before income tax Net income Net loss Total operating expenses Income Statement Prepare a comparative income statement, with vertical analysis, stating each item for both years as a percent of sales. Round your percentages to one decimal place Enter all amounts as positive numbers. Refer to the Accounts and Amount Descriptions for correct wording of text entries Bluestem Company Comparative Income Statement For Years Ended December 31, Year 2 and Year 1 Comment upon significant changes disclosed by the comparative income statement. There was the more significant contributed greatly to the in the cost of goods sold, and in selling expenses offset the in net income. in administrative expenses. However, in cost of goods sold and