Va. Current year net income: $175,000; 7.0% of sales EX 15-1 Vertical analysis of income statement Revenue and expense data for Gresham Inc. for two recent year Sales Current Year Previous year $2,350,000 OBJ. 1 ollows: SHOW ME HOW a. Current fiscal year income from continuing operations, 13.0% of revenues 4 X Cost of goods sold Selling expenses Administrative expenses Income tax expense $2,500,000 1,500,000 1,292,500 300,000 376,000 375,000 305,500 150,000 141,000 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to one decimal place. b. Comment on the significant changes disclosed by the comparative income statement. EX 15-2 Vertical analysis of income statement OBJ. 1 The following comparative income statement (in thousands of dollars) for the two recent fiscal years was adapted fromthe annual report of Speedway Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. Revenues: Current Year Previous Year Admissions Event-related revenue $116,034 151,562 $130,239 163,621 NASCAR broadcasting revenue 192,662 185,394 Other operating revenue 29,902 26,951 Total revenue $490,160 $506,205 Expenses and other Direct expense of events NASCAR purse and sanction fees Other direct expenses General and administrative Total expenses and other $101,402 $106,204 122,950 120,146 18,908 20,352 Income from continuing operations 183.215 $426,475 $ 63,685 241.223 $487,925 $18,280 a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Round to one decimal place. b. Comment on the significant changes,