Vertical Analysis of Income Statement For 2012, Fielder Industries Inc. Initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando, the president, is presented with the following condensed comparative income statement: Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 Sales Cost of goods sold 20Y2 20Y1 $1,300,000 $1,180,000 (682,500) (613,600) Gross profit Selling expenses Administative expenses $617,500 $566,400 $(260,000) $(188,800) (169,000) (177,000) Total operating expenses $(429,000) $(365,000) Operating income $188,500 $200,600 Other revenue 78,000 70,800 Income before income tax expense $266,500 $271,400 Income tax expense (117,000) (106,200) Net income $149,500 $165,200 Required: