Vertical Analysis for Income Statement For 2016, Fishing Experiences Inc. initiated a sales promotion campaign that included the expenditure of an additional $45,000 for advertising. At the end of the year, Colt Schultz, the president, is presented with the following condensed comparative income statement: FISHING EXPERIENCES INC. Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2015 Sales 2016 51.200,000 34.000 SL000.000 $575.000 Cost of goods sold Gross profit Selling expenses Administrative expenses 540.000 75.000 120,000) 150,000 50.000 $125.000 $ 170,000) $327,000 30.000 Total Operating expenses Operating income Other revenue Income before comes Income tax expense Net income Instructions: $400.000 30,000 S6,000 200.000 $336,000 30.000 1. Prepare a comparative income statement for the two-year period, presenting a vertical analysis of each item in relationship to sales for each of the years. Round percentages to one decimal place. Fishing Experiences Inc Comparative Income Statement For the Year Ended December 31, 2016 and 2045 2016 Amount 2046 Percent 2015 Amount 2018 Percent $1,200,000 51.000.000 Cost of goods 1624,000 95.000 Gross proti $575,000 42.000 Selling penses 56120.000 75.000 Administrative expenses 50,000 Total contingen 5570.000 525.000 Operating income 5406,000 $317.000 Other revenue 30.000 Income before income tax 5436.000 Income tax expen 100,000) 190.000 Netcome $336,000 27.000