Vertical Analysis of Income Statement For 2012, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $21,000 for advertising. At the end of the year, Lumi Neer, the president, is presented with the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 20Y2 20Y1 $767,000 $660,000 330,000 345,150 $421,850 $330,000 Sales Cost of merchandise sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax expense $161,070 84,370 $132,000 85,800 $217,800 $245,440 $176,410 $112.200 30,680 39,600 $207,090 Income tax expense 84,370 $151,800 59,400 592,400 Net income $122.720 Required: 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Enter percentages as whole numbers. Enter all amounts as positive numbers. Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2011 2012 2012 20Y1 2011 Amount Percent Amount Percent Sales 5767.000 % $660,000 Cost of merchandise sold 345,150 % 330,000 Gross profit 5421,850 % $330,000 % Selling expenses 5161,070 % $132.000 Administrative expenses 84,370 % 85,800 % % % % 5245,440 % $217,800 % Total operating expenses Income from operations 5176,410 30,680 % $112.200 % 39,600 Other revenue % % Income before income tax expense $207,090 Income tax expense 84,370 Net income 5122,720 % 5151,800 % 59,400 6 % $92,400 %