Vertical analysis of income statement For 2002, Comic Company initiated a sales promotion campaign that incuted the expenditure of an astrona 350,000 for evertung. At the end of the pres Lumi Nerer, the president, en presented with the focina condensed comparative Income statement Tri-Comic Company Comparative Income Statement For the Year Ended December 31, 2012 and 2041 2012 2011 Sales $1,500,000 $1,250,000 Cost of goods sold (510,000) (475.000) Gross profit 5990,000 5775.000 Seting expenses $(270.000) 200,000) Administrative pe (100.000 (156,250 Total operating experts 450.000 356,250) Operating income 1540,000 1415,750 Other revenue 60,000 50,000 Tecome before come tax expense 5600,000 1468,750 Income tax expense (450,000) (375.000) Net Income $150,000 593,750 1. Prepare a comparative come statement for the two-year period, presenting an analysis of each item in relationship to wes for each of the years Round percentages to one decimal place. For those boxes in which you must entertraded negative numbers na minussi Tri-Comic Company Comparative Income Statement For the Year Ended December 31, 2012 and 2041 2012 2012 2011 2011 Amount Percent Amount Percent Sales Cost of goods sold Gross pret Seting expenses Administrative penses Total operating exposes Operating Income Other revne Income before income tax expense Income tax expense Net Income 3450.000) $540,000 60,000 3600,000 (450,000) $150.000 (356,250) 5418,750 50,000 5468,750 (175,000 393,750 1. Prepare a comparative come statement for the two-year period, presenting an analysis of each item in relationship to sale for each of the years, Round percentages to one decimat place. For those bores in which you must enter subtracted or negative numbers use a minus in Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 2012 2011 2011 Amount Percent Amount Percent Cost of goods sold Gross pret Selling experier Administrative expenses Total operating expenses Operating income Other revenue Income before income tax pense cometre Netcome 2. To the extent the data et comment on the significant wealed by the analysereparedin (1) The vertical analysis cates that the cost other than singers rods and strative experie) percentage of net income percentage of sales The sales promotion can spears to have been While expenses percent of Wressed the reased cost was more made up for by increased