Use the excel file to complete an Income Statement for Thornton Company as well as perform a Vertical Anlysis. **Please Do NOT just type in answers. USE EXCEL FORMULAS to calculate the missing amounts highlighted in yellow.

$960,000 586,000 use formula Thornton Company Income Statement For the Year Ending 2019 Sales Cost of Goods Sold Gross Profit (gross margin) Operating Expenses 254,400 Interest Expense 24,000 Total Expenses Income before taxes Income tax expense Net Income 278,400 use formula 52,800 use formula Perform a Verticle Analysis on Thornton Company for 2019: Use formulas and Report as percentages, round percentages to one decimal place) (the first 2 are done for you) 2019 Sales 100.0% Cost of goods sold 61.0% Gross margin Operating expenses Interest expense Total expenses Income before taxes Income tax expense Net margin Last year (2018) Thornton reported the following information: Thornton Company Income Statement For the Year Ending 2018 Sales $800,000 100.0% Cost of Goods Sold $12.000 64.0% Gross Profit (gross margin) 288,000 36.0% Operating Expenses 175,000 21.9% Interest Expense 16.000 2.0% Total Expenses 191.000 23.9% Income before taxes 97,000 12.1% Income tax expense 56,000 7.0% Net Income 41.000 5.1% Profit margin tells a company how much of every dollar of sales they get to keep after accounting for all expenses. In which year did Thornton Company have the highest net profit margin (and ultimately, run a better business