Vertical analysis for income statement For 2008, Acedia Technology Company initiated a sales promotion campaign that included the expenditure of an additional $10,000 for advertising. At the end of the year, Gordon Kincaid, the president, is presented with the following condensed comparative income statement: Acedia Technology Company Comparative Income Statement For the Years Ended December 31, 2008 and 2007 2008 2007 Net sales Cost of goods sold. Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other income.. Income before income tax income tax expense Net income $750,000 292,500 5457,500 $172,500 82,500 $255,000 5202,500 7,500 $210,000 60,000 $150,000 5670,000 274,700 5395,300 $160,800 80,400 5241,200 $154,100 6,700 $160,800 53,600 $ 107,200 Instructions 1. Prepare a comparative income statement for the two-ycar period, presenting an analysis of each item in relationship to net sales for each of the years. Round to one decimal place