ve Income statement data for Sheridan Inc. and Grouper Ltd., two competitors, are shown below for the year ended December 31, 2021 Sheridan Grouper Net sales $2,040,000 $540,000 1.124,040 336,960 915,960 203,040 Cost of goods sold Gross profit Operating expenses Profit from operations Interest expense 591,600 85,860 324,360 117.180 6,450 1,252 Profit before income tax 115,928 317,910 95,373 28,982 Income tax expense Profit $222,537 $86,946 Additional information: Average total assets $902.000 $258,563 Average total shareholders' equity 744,000 205,808 Additional information: Average total assets Average total shareholders equity $902.000 $258,563 744,000 205,808 (a) Using vertical analysis, calculate the percentage of the base amount of the income statement for each company. (Round answer to 1 decimal place, e.g. 12.5%.) SHERIDAN AND GROUPER COMPANIES Income Statements Grouper Sheridan Percent Percent Net sales % 96 Cost of goods sold 96 % Gross profit % %6 Sheridan Grouper Percent Percent Net sales % % Cost of goods sold % se Gross profit % % % de Operating expenses % % Profit from operations % % Interest expense de de Profit before income tax % % % Income tax expense % % Profit % %