Using the following income statements, perform the calculations needed for vertical analyses. (Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Current Previous Net Sales $ 205,000 % $ 138,000 % Cost of Goods Sold 100,000 Gross Profit 105,000 Selling, General, and Administrative Expenses 15,300 Income from Operations 89,700 Interest Expense 5,100 do do do do do % 76,500 % 61,500 % 8,700 iii % % % % 52,800 % % 6,900 % Income before Income Tax 84,600 % 45,900 % Income Tax Expense 25,380 % 13,770 % Net Income $ 59,220 % $ 32,130 %